Attached files
| file | filename |
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| EX-10.4 - EXHIBIT 10.4 - New Global Energy, Inc. | exhibit.htm |
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) July 23, 2013
NEW GLOBAL ENERGY, INC.
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(Exact name of registrant as specified in its charter)
WYOMING 0-18954 45-4349842
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
109 East 17th Street, Suite 4217, Cheyenne, WY 82001
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(Address of principal executive offices) (Zip Code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (307) 633-9192
Section 1.
Registrant’s Business and Operations
Item 1.01
Entry into a Material Definitive Agreement
The Company entered into a Loan Agreement with Bio-Global Resources, Inc., a private unrelated company in the amount of $500,000 due July 19, 2015 with interest at the rate of 6.00% per annum. As of this date, the Company had drawn down $13,000 of the face amount of the Loan. Bio-Global Resources, Inc. is entitled to convert any amounts outstanding on the loan after 90 days from July 23, 2013 into the Company’s common stock at the rate of $0.25 per share. In addition, to the extent funds are drawn against this Loan Agreement, Bio-Global Resources, Inc. is entitled pro rata to a 200,000 warrants to purchase common shares at a price of $3.00 per share until July 19, 2018.
Funds from this credit facility should provide funds for it to continue at an increased rate of operation including the assumption of operations of the Mecca and Thermal farms owned by AFT, for more than 6 months without additional funding. As of July 23, 2013 the Company has made a initial draw of $13,000 in proceeds from the loan.
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Section 2.
Financial Information
Item 2.01
Completion of Acquisition or Disposition of Assets
As of July 23, 2013, the Company has completed the acquisition of an additional 764,199 shares of Aqua Farming Tech, Inc. (“AFT”) from unrelated parties giving it a total of approximately 90.5% of the outstanding shares of AFT or controlling interest. AFT is a California company that operates a large aquaculture operation on two parcels of land totaling 118.9 acres. It includes a large working fish farm/hatchery , 90 masonry tanks, 5 wells, 12 earthen ponds, a newly constructed 221 kW-DC Photovoltaic electric generating system estimated to produce 381,267 kWh annually, a second newly constructed 176.25 kW-DC Photovoltaic System, which is estimated to produce 286,996 kWh annually, a fish processing facility, shop facilities, 3 out buildings, 3 60KB generators, 1 200KB generator, 2 backhoes, 2 tractors, 1 delivery truck, various additional equipment and parts inventory as well as a fish inventory of nearly .5 million fish.
Section 3.
Securities and Trading Markets
Item 3.02
Unregistered Sales of Equity Securities
The Company purchased an additional 764,199 shares of AFT from unrelated parties giving it a total of approximately 90.5% of the outstanding shares of AFT or controlling interest for a total price of $2,292,596. The purchase price was paid with of 382,099 shares of common stock of the Company for a value of $6.00 per share.
Section 9.
Financial Statements and Exhibits
Item 9.01
Financial Statements and Exhibits
Exhibit 10.4
New Global Energy Note dated July 19, 2013
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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.
July 23, 2013
New Global Energy, Inc.
/s/ Perry Douglas West
By: Perry Douglas West, CEO
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