Replies to post #9504 on Cardinal Energy Group Inc. (fka CEGX)

[jessejames001]

Was it the finance retiree?

[beer$$money]

Preferred Stock CEO, Timothy Crawford, 1,000,000 shares of the Company’s restricted Series A preferred stock

RESTRICTED? Those shares are in good hands!!!

https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11380700

 
Effective November 24, 2015, the Company filed with the Nevada Secretary of State a Certificate of Designation in which the Company authorized the creation of 1,000,000 shares of Series A preferred Stock. Each shares of Series A preferred stock entitles the holder thereof to 110 votes per share and otherwise has the same rights and privileges as the Company’s common stock. The holders of shares of Series A preferred stock are not entitled to dividends or distributions. The holders of the Series A preferred stock do not have any conversion rights and the shares are non-transferrable.
 
On November 24, 2015, the Company issued to the Company’s CEO, Timothy Crawford, 1,000,000 shares of the Company’s restricted Series A preferred stock, valued at approximately $100,000. In connection with the issuance of these Series A preferred shares, the Company recorded stock based compensation of $100,000 for the year ended December 31, 2015.
 
The issuance to Mr. Crawford of the 1,000,000 shares of the Series A Preferred Stock resulted in Mr. Crawford acquiring approximately 65% of the voting securities of the Company on the date of grant.
 
As of March 31, 2016 and December 31, 2015 the Company had 1,000,000 shares of Series A preferred stock outstanding.