Attached files
| file | filename |
|---|---|
| EX-10 - COASTAL CARIBBEAN OILS & MINERALS LTD | v171810_ex10.htm |
| EX-99.1 - COASTAL CARIBBEAN OILS & MINERALS LTD | v171810_ex99-1.htm |
|
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|
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of
Report (date of earliest event reported): January 14,
2010
COASTAL CARIBBEAN OILS &
MINERALS, LTD
(Exact
name of registrant as specified in its charter)
|
Bermuda
|
1-4668
|
59-3535315
|
|
(State
or other jurisdiction
of
incorporation)
|
(Commission
File
Number)
|
(I.R.S.
Employer
Identification
No.)
|
|
Clarendon House, Church Street,
Hamilton HM DX Bermuda
|
None
|
|
|
(address of
principal executive offices)
|
(Zip
Code)
|
|
Registrant’s
telephone number: (850)
878-2411
None
(Former
name or former address, if changed since last report.)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instructions A.2. below):
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM
1.01. Entry into a Material Definitive Agreement.
ITEM
3.02. Unregistered Sales of Equity Securities.
ITEM
5.02(b). Departure of Directors or Certain Officers.
ITEM
8.01 Other Events
On
January 14, 2010, the Company and its wholly owned subsidiary Coastal Petroleum
Company (“Coastal”) entered into a letter agreement with Robert J. Angerer, Sr.
(Mr. Angerer) a Director and the Chairman of the Board of Directors for both the
Company and Coastal, for the funding of immediate cash needs and granting Mr.
Angerer an option to fund the Company’s and Coastal’s future
obligations. Under the agreement Mr. Angerer provided compensation to
the Company including $300,000 cash and the release of $150,000
of legal fees owed to his law firm, $21,500 in director fees owed to
him and $240,000 consideration owed to him for the completion of the Company’s
purchase of a Red River oil and gas development prospect. In return,
Mr. Angerer was issued 14,400,000 Rule 144 restricted shares of the Company’s
common stock. A copy of the letter agreement is attached and filed as exhibit
10(l). Simultaneous with this transaction, Mr. Angerer resigned as
the Vice President of both the Company and Coastal, but will remain as a
Director and the Chairman of the Board of Directors for both the Company and
Coastal. On January 20, 2010, Phillip W. Ware, President of the
Company and Coastal, issued a press release announcing the above described
agreement.
ITEM
9.01. Financial Statements
and Exhibits.
(c)
Exhibits.
The
following exhibits are being furnished with this Report:
10(l) Letter
Agreement between Coastal Caribbean Oils & Minerals, Ltd., Coastal Petroleum
Company and Robert J. Angerer, Sr. dated January 14, 2010.
99.1 Press
Release
SIGNATURES
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.
|
Coastal Caribbean Oils
& Minerals, Ltd
(Registrant)
|
|||
|
Date:
January 20, 2010
|
By:
|
/s/ PhillipW. Ware | |
| Phillip W. Ware | |||
| Chief Executive Officer and Chief Financial Officer | |||