CHAG Update from Court docs filed 4/21 paying of their only susbstantial debt...
Current share structure
64,802,781 Issued Shares
23,496,210 Free Trading Shares
41,306,571 Restricted Shares
9.01 Refinancing with Source Rock Energy of Arkansas, LLC: Upon Confirmation
Debtors will enter into a financing agreement with Source Rock Energy of Arkansas, LLC
(“Source Rock”), a wholly owned subsidiary of Eurenergy Resources Corporation. The purpose
of such agreement is to secure one or more oil and gas related loans (“New Loans”) to effect a
complete payoff of principal and interest owed to Western National Bank and CapWest
Resources, Inc. Said Loan will be in an amount of approximately $6,250.000.00. A Proforma
Balance Sheet is attached hereto as Exhibit “B”.
Upon Confirmation, the Confirmation Order will constitute an order of the Bankruptcy
Court authorizing Debtors to enter a financing agreement with Source Rock and to immediately
execute such documents as are necessary to obtain and secure New Loans to effect a payoff of
the allowed claims of CapWest and Western National Bank. Debtors, upon such payment, will
be released and discharged of any Obligations to Western National Bank and CapWest and
Western National Bank and CapWest shall promptly release any and all claims to the property of
the Debtor. In the event Western National Bank and CapWest fail to execute any document
requested by Debtors to evidence such releases, the Confirmation Order will constitute an
authorization and direction for Western National Bank’s and CapWest’s counsel to execute such
releases as Western National Bank’s and CapWest’s attorney-in-fact upon Debtors’ request.
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