American Clean Resources Group, Inc 8-K, filed Feb 22, 2023
American Clean Resources Group, Inc. (ACRG)
About this 8-K
American Clean Resources Group, Inc filed this 8-K on February 22, 2023, reporting on events of February 14, 2023.
Items reported
- Item 1.01: Entered into a material agreement
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 1.01 Entry into a Material Definitive Agreement.
As previously disclosed in the Form 8-K file with the Commission on January 6, 2023, American Clean Resources Group, Inc. (the “Company”) entered into an Amendment and Forbearance Agreement with Granite Peak Resources (“GPR”), a related party, on January 5, 2023 wherein GPR agreed to increase its existing Line of Credit (“LOC”) to $35,000,000. GPR is the Company’s majority shareholder and largest debtholder. GPR holds a senior secured interest in all of the assets of the Company, including the stock of its subsidiary entities.
In accordance with the above, an Amendment to Deed of Trust and Security Agreement was filed on February 14, 2023 (with confirmation of recording received on February 21, 2023) to increase the amount secured. The Deed of Trust in favor of Granite Peak Resources, LLC secures One Hundred Million Dollars ($100,000,000) which includes the current LOC as well as future advances.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: February 22, 2023 | American Clean Resources Group, Inc. | |
| By: | /s/ J. Bryan Read | |
|
J. Bryan Read Chief Executive Officer | ||
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