On March 08, 2024, Astra Energy Inc. (the “Company”) entered into a Joint Venture Agreement (the "Agreement") with Powertron Global LLC ("Powertron").
The Company is the majority owner of Regreen Technologies Inc. (“Regreen”), which holds patents related to the processing of waste-to-energy (the “Patents”).
Pursuant to the Agreement, the Company and Powertron will create a new entity under which all of the Company’s patents held by the Company (“Newco”) and will assign the Patents from Regreen to Newco.
In consideration of the Agreement:
·
Powertron will make a non-refundable payment of $500,000 to the Company, within 72 hours of execution of the Agreement; and
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Powertron will make payment of $500,000 to the Company, upon closing of the transaction in 60 days; and
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Powertron will provide a promissory note for $4,000,000 with an interest rate of 7.5% with interest only monthly payments and a six-month term or as otherwise mutually agreed to.
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Newco will issue to the Company 4,000,000 shares of common stock of an initial 10,000,000 shares of common stock outstanding in the Newco, along with a plan for the public listing.
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Newco will provide an assurance that the Company will not be diluted below an equity position of 19.9% for the first 12 months from the date of closing, or as otherwise mutually agreed to.
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