BARON ENERGY, INC. (OTCMKTS:BROE) Files An 8-K Unregistered Sales of Equity SecuritiesItem 3.02 Unregistered Sales of Equity Securities.
On October 1, 2018, the board of directors of Baron Energy Inc. ("our," "us") authorized the issuance of 209,000 shares of our Series C Preferred stock to our Chairman, President, and CEO, Ronnie L. Steinocher, in lieu of $209,000 of cash compensation, leaving $217,000 owed through July 31, 2018. The share price used was the Series C Preferred Shares stated value of $1.00 per share.
On October 1, 2018, the board of directors of Baron Energy Inc. ("our," "us") authorized the issuance of 188,100 shares of our Series C Preferred stock to our Executive Vice President and CFO, Lisa P. Hamilton, in lieu of $188,100 of cash compensation, leaving $251,100 owed through July 31, 2018. The share price used was the Series C Preferred Shares stated value of $1.00 per share.
The shares were issued to the exemption provided by Section 4(2) of the Securities Act for transactions by an issuer not involving a public offering. The recipients of our securities are "accredited investors" and they took them for investment purposes without a view to distribution. Furthermore, they had access to information concerning us and our business prospects; there was no general solicitation or advertising for the purchase of our securities; and the securities are restricted to Rule 144.
|Item 5.02|| |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The disclosure set forth under Item 3.02 to this Current Report on Form 8-K is incorporated herein by reference
About BARON ENERGY, INC. (OTCMKTS:BROE)
Baron Energy, Inc. is an independent oil and natural gas production company. The Company is engaged in the acquisition, operation and exploitation of producing oil and gas properties in Texas. The Company is involved in acquiring and operating producing properties in South Texas. The Company’s focus area includes over 20 counties with approximately 12,000 producing leases, 122,500 wells drilled, and 1.6 million barrels of oil equivalent per day of production.