NEW ASIA ENERGY, INC. (OTCMKTS:NAEI) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
entered into a Debt Settlement Agreement (the “Agreement”) with
Rock Capital Limited, a shareholder of the Company (“Rock
Capital”). Rock Capital has previously advanced funds to the
Company that the Company has used for Operating Expenses, and the
purpose of the Agreement was to memorialize the provision of
these and any future funds to be provided by Rock Capital, and to
provide for their repayment or conversion as discussed below.
$102,420 to the Company. These funds were an interest-free loan
to the Company and were due and payable on November 28, 2016. The
Agreement provides that if the advanced funds are not repaid by
November 28, 3016, Rock Capital may, in its sole discretion,
extend the repayment deadline or convert all or a portion of the
advances into common stock of the Company, par value $0.001 per
share (the “Common Stock”) at a conversion price of $0.00105
per share.
Capital under the Agreement as described above were not paid.
Therefore, on that date and to the terms of the Agreement, Rock
Capital elected to convert the $102,420 owed to it by the Company
into shares of Common Stock at the $0.00105 conversion price,
thus resulting in the issuance to Rock Capital of 97,542,857
shares of Common Stock.
forth in Section 4(a)(2) of the Securities Act of 1933, as
amended.
| 10.1 |
Debt Settlement Agreement, dated as of November 28th,
2016 by and between New Asia Energy, Inc., Rock Capital Ltd,. |
About NEW ASIA ENERGY, INC. (OTCMKTS:NAEI)
New Asia Energy, Inc., formerly High Desert Assets, Inc., is focused on the development of pure play renewable/alternative/distributed energy technology solutions and wastes to resources and energy platforms. The Company’s business model incorporates approximately two synergistic and mutually aligned approaches, including commercialization and deployment of technologies and project development. The Company’s commercialization and deployment of technologies approach include advanced battery and energy storage solutions, advanced solar technologies and wastes to biofuels. Its project development approach is to provide recurring revenue streams through the integration of technologies, (those owned by the Company and others brought by licensing/contractual arrangements) to undertake projects under build-own-operate (BOO), build-own-operate and transfer (BOOT) and joint venture contractual arrangements. The Company has not generated any revenues. NEW ASIA ENERGY, INC. (OTCMKTS:NAEI) Recent Trading Information
NEW ASIA ENERGY, INC. (OTCMKTS:NAEI) closed its last trading session 00.00000 at 0.00305 with 150,800 shares trading hands.
