GREEN ENVIROTECH HOLDINGS CORP. (OTCMKTS:GETH) Files An 8-K Unregistered Sales of Equity Securities
ITEM 3.02UNREGISTERED SALES OF EQUITY SECURITIES
On June 20, 2017, Green EnviroTech Holdings Corp. issued warrants
to purchase 500,000 shares of its common stock as described in
Item 8.01 below. These securities were issued following an
arms-length negotiation between Green EnviroTech and the
recipient, and no general solicitation was used. These securities
were issued in reliance on the exemption from registration
provided by Section 4(a)(2) of the Securities Act of 1933 and the
rules and regulations promulgated thereunder as not involving any
public offering.
ITEM 8.01OTHER EVENTS
On June 8, 2017, Green EnviroTech executed a term sheet with
FWD:Energy, Inc., a Delaware corporation, addressing the
potential acquisition of FWD:Energy by Green EnviroTech Holdings.
The parties will conduct due diligence and negotiate a definitive
agreement over the next 60 days. The term sheet includes binding
provisions making those 60 days an exclusivity period during
which FWD:Energy will not engage in discussions with any other
parties for the acquisition of FWD:Energy. In consideration of
the exclusivity period, Green EnvironTech will pay FWD:Energy a
total of $68,983, which Green EnviroTech may convert to
FWD:Energy Series A Preferred Stock at its option. Additionally,
Green EnviroTech will issue warrants to purchase 500,000 shares
of Green EnviroTechs common stock with an exercise price of $0.20
per share that will be held in escrow. If the acquisition is
closed, the warrants will be returned to Green EnviroTech for
cancelation; however, if Green EnviroTech chooses not to go
forward with the acquisition the warrants will be delivered to
FWD:Energy.
On June 20, 2017, Green EnviroTech issued a press release
announcing the potential acquisition, a copy of which is attached
as Exhibit 99.01.
ITEM 9.01FINANCIAL STATEMENTS AND EXHIBITS
The following is filed as an exhibit to this report:
|
Exhibit Number* |
Title of Document |
Location |
||
| Item 99 | Miscellaneous | |||
| 99.01 | Press release dated June 20, 2017 | Attached |
| * |
All exhibits are numbered with the number preceding the decimal indicating the applicable SEC reference number in Item 601 and the number following the decimal indicating the sequence of the particular document. Omitted numbers in the sequence refer to documents previously filed as an exhibit. |
GREEN ENVIROTECH HOLDINGS CORP. ExhibitEX-99.1 2 ex99-1.htm For Immediate Release: Green EnviroTech Holdings,…To view the full exhibit click here About GREEN ENVIROTECH HOLDINGS CORP. (OTCMKTS:GETH)
Green EnviroTech Holdings Corp., formerly Wolfe Creek Mining, Inc., is a green technology company. The Company has developed a process to produce Brent Grade type oil by using reactor conversion technology, the Green Envirotech (GETH) Process, by utilizing a mixture of waste plastic and waste tires. The conversion process uses pyrolysis technology with additional distillation applications. The GETH Process is a system to convert waste plastics and end of life tires to oil. The process uses electromagnetic pyrolysis to produce oil and syngas when processing the plastic feedstock. The process produces oil, carbon black, steel and syngas along with approximately 45% by weight yield of oil, when processing tires. The use of electromagnetic pyrolysis facilitates gasification. A full-scale plant processing tires consumes approximately 200 tons of feedstock per day and produces over 200,000 barrels of blend-stock oil yearly.