FOOTHILLS EXPLORATION, INC. (OTCMKTS:FTXP) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
Effective January 5, 2017, Foothills Exploration, Inc., (the
Company), borrowed $1,000,000 from Full Wealth Investment Hong
Kong Limited, a limited liability company organized under the
laws of Hong Kong and effective January 6, 2017 the Company
borrowed $1,250,000 from Berwin Trading Limited, a British Virgin
Islands limited liability company. The Company executed a
separate promissory note, titled as a Debenture, with each lender
dated as of December 30, 2016, with proceeds being received by
the Company on the above stated dates. These loans are unsecured,
bear interest at 9% per year and each is due and payable in 120
days. If any amount payable is not paid when due, any such
overdue amount shall bear interest at the default rate of 11%
from the date of such non-payment until such amount is paid in
full. The Company plans to use net proceeds of these loans to
satisfy certain obligations under a Purchase and Sale Agreement
with Total Belief Limited, dated December 30, 2016, for general
working capital and to support certain target drilling activity.
Copies of the notes evidencing the loans are attached as exhibits
to this report and the foregoing description of the loans is
qualified in its entirety by reference to those promissory notes.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |
| 10.1 | Debenture – Berwin Trading Limited | |
| 10.2 | Debenture – Full Wealth Investment Hong Kong Limited |
About FOOTHILLS EXPLORATION, INC. (OTCMKTS:FTXP)
Foothills Exploration Inc, formerly Key Link Assets Corp., is a shell company. The Company’s business plan is to acquire small and medium grocery stores in non-urban locales that are not directly served by large national supermarket chains. The Company plans to acquire grocery stores that are approximately 15,000 to 20,000 square feet in size. The Company seeks to drive additional customer traffic to its acquired grocery stores and expand their operating margins through the introduction of new products and services to those stores that lack them, including pharmaceutical services, floral departments, gasoline and other automotive products, prepared foods, lottery service and alcoholic beverages. The Company’s stores will sell non-perishable, perishable and non-food products. The products include various categories, such as grocery, frozen and dairy; produce; meat and seafood; bakery; floral; beer, wine and spirits, and health and beauty care. FOOTHILLS EXPLORATION, INC. (OTCMKTS:FTXP) Recent Trading Information
FOOTHILLS EXPLORATION, INC. (OTCMKTS:FTXP) closed its last trading session 00.00 at 2.12 with 2,852 shares trading hands.
