NATION ENERGY INC. (OTCMKTS:NEGY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 27, 2017, by means of a majority written consent of shareholder in lieu of meeting (the “Consent”) executed by Paltar Petroleum Limited, the Board of Directors (the “Board”) of Nation Energy Inc. (“Nation”) was expanded from three (3) to seven (7) directors. At the time of the Consent, Paltar Petroleum Limited held a majority of the outstanding voting common stock of Nation. This action is permitted under the bylaws of Nation, the Articles of Incorporation of Nation, and the Wyoming Business Corporation Act.
Also by means of the Consent, the shareholder elected four (4) new directors to the Board, to fill the vacant, newly created Board positions. The newly elected directors are:
(1) Michael J. Caetano;
(2) Carmen J. Lotito;
(3) Robert Buljevic; and
(4) Robert Madzej.
The new directors have not yet been named to any committees of the Board. The committees, if any, to which any of the new directors may be named are currently unavailable.
Mr. Lotito and Nation’s subsidiary Nation Energy (Australia) Pty Ltd. currently have a compensation arrangement whereby Mr. Lotito provides operational and management services for $20,000 per month, on a month-to-month agreement.
Item 9.01 Financial Statements and Exhibits.
10.1 Management Services Agreement dated June 25, 2016, but effective July 22, 2015, between Nation Energy (Australia) Pty Ltd. and Carmen J. Lotito. (incorporated by reference from our Annual Report on Form 10-K filed with the Securities and Exchange Commission on June 30, 2016).
About NATION ENERGY INC. (OTCMKTS:NEGY)
Nation Energy Inc. (Nation Energy) operates as a shell company. The Company has no business. The Company is engaged in evaluating the merits of various opportunities in the resource sector. The Company’s subsidiaries include Nation Energy (Australia) PTY Ltd. (Nation Australia), Nation GP, LLC (Nation GP) and Nation SLP, LLC (Nation SLP). Paltar Nation Limited Partnership (Paltar Nation) is a limited partnership between Nation GP, as the general partner of the partnership and Nation SLP as the limited partner. Nation Energy has formed Paltar Nation for the purpose of funding exploration expenditures required to be provided by the subsidiary of the Company, Nation Energy (Australia) Pty Ltd., to explore and develop all or a portion of approximately 775,290 acres of certain Australian exploration permits. NATION ENERGY INC. (OTCMKTS:NEGY) Recent Trading Information
NATION ENERGY INC. (OTCMKTS:NEGY) closed its last trading session 00.0000 at 0.0500 with 4,062 shares trading hands.