Attached files
| file | filename |
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| EX-10 - LINE OF CREDIT MODIFICATION AGREEMENT - Jayhawk Energy, Inc. | ex101.htm |
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): August 6, 2015
Commission File Number: 000-53311
Jayhawk Energy, Inc.
(Exact name of registrant as specified in its charter)
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Colorado (State or other jurisdiction of incorporation or organization) | 20-0990109 (I.R.S. Employer Identification No.) |
611 E. Sherman Ave., Coeur d’Alene, Idaho 83814
(Address of principal executive offices) (Zip Code)
208-667-1328
(Registrant’s Telephone Number, Including Area Code)
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 Instruction 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
On August 6, 2015 Jay Hawk Energy, Inc. (the “Company” or “JayHawk”) entered into a Line of Credit Modification Agreement (the “Agreement”) with Vast Exploration, LLC (“Vast”). The Agreement is attached hereto as Exhibit 10.1. The Agreement modifies that certain Revolving Credit Note entered into on June 30, 2015 by the Company for the benefit of Vast. For more information regarding the Revolving Credit Note, please refer to the Company’s Current Reports on Form 8-K filed with the Securities and Exchange Commission (“SEC”) on July 6, 2015. The Agreement adjusts the maximum principal balance that may be borrowed from One Hundred Thousand Dollars ($100,000) to One Hundred Fifty Thousand Dollars ($150,000).
Vast is a controlling shareholder of the Company, the contract operator of the Company’s oil and gas properties and an affiliate of Vast Petroleum Corp. – an entity that entered into a joint development agreement for the Company’s oil and gas operations in Kansas in May 2014. Vast Petroleum Corp. was not a party to the Agreement. Scott Mahoney, the Chairman of the board for the Company, is the individual who possesses voting and dispositive authority on behalf of Vast. Mr. Mahoney, acting in his capacity of Chairman of the Board of the Company, recused himself from voting on the approval of the Agreement.
The foregoing summary of the Agreement’s terms is qualified in its entirety by the Line of Credit Modification Agreement attached as Exhibit 10.1.
Item 9.01
Financial Statements and Exhibits
Exhibits
10.1
Line of Credit Modification Agreement
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 thereunto duly authorized.
JAYHAWK ENERGY, INC.
/s/ Kelly J. Stopher
______________________________
By: Kelly J. Stopher
Title: Interim President/CEO, CFO