Forwardly, Inc. Makes Investment in Maverick Energy Group, Inc.
Boulder City, NV, April 15, 2021 (GLOBE NEWSWIRE) -- George Sharp, President and CEO of Forwardly, Inc. (OTCMKT: FORW), announced today that the company has made a strategic investment in Maverick Energy Group, Inc. (OTCMKT: MKGP).?
The investment comes as a one year fixed rate convertible loan to Maverick in the amount of $200,000 at an APR of 15%. At Forwardly’s option, the principal and interest may convert into Maverick common shares at $.20/share. The loan agreement also provides Forwardly with a warrant enabling the company to purchase up to two million additional shares of Maverick at $.35/share within two years.
Mr. Sharp commented, “The vast array of drilling projects that were made available to Maverick because of its acquisition of a license to use URS Drilling’s horizontal drilling technology, made the opportunity to provide funding attractive to Forwardly. Jim McCabe and his talented team appear ready to take Texas and Oklahoma by storm this year and we were glad to provide a leg-up while Maverick awaits the rest of its funding.”
Mr. Sharp continued, “The kicker for us was the ability to acquire the warrants which could not only be a source of continued funding for Maverick but makes us a low risk investor. The incredible success of our past warrant acquisitions has given Forwardly an incredible appetite for opportunities such as this.
George Sharp also acts as an advisor to Maverick Energy Group and Forwardly’s investment is a portion of a larger funding package assembled by him.
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