PETROGRESS, INC. (OTCMKTS:PGAS) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry Into a Material Definitive Agreement.
On May 27, 2020, Petrogress, Inc. (the “Company”) and Petrogress lnt\’l LLC (“PIL”), a Delaware limited liability company and wholly owned subsidiary of the Company, entered into an Amendment No. 2 to Securities Purchase Agreement with Christos P. Traios, a director and officer of the Company, amending the terms of PIL’s acquisition of certain equity securities of Petrogres Africa Company Limited, a Ghanaian limited liability company (“PACL”). As a result, the Company and PIL returned 864,000 of the shares of PACL (the “Option Shares,” representing approximately 72% of the issued and outstanding equity interest in PACL) for which PIL has not paid the purchase price to date, and retained an option to purchase such Option Shares upon payment of the purchase price of $1.20 per share until August 31, 2020. PIL retained ownership of 216,000 of the PACL shares for which it remains obligated to pay the purchase price of $1.20 per share in cash or by conversion into Company stock, at Mr. Traios’ option, under the terms of the Securities Purchase Agreement.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
* Signifies a management agreement.
PETROGRESS, INC Exhibit
EX-10.1 2 ex_188238.htm EXHIBIT 10.1 ex_188238.htm Exhibit 10.1 AMENDMENT NO. 2 TO SECURITIES PURCHASE AGREEMENT This Amendment No. 2 Securities Purchase Agreement (this “Amendment”) is entered into on May 27,…
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About PETROGRESS, INC. (OTCMKTS:PGAS)
Petrogress, Inc., formerly 800 Commerce, Inc., is a holding company. The Company, along with its subsidiaries, is engaged in international trading and shipping business. The Company is engaged in exploring the potential for acquiring or purchasing or leasing newly built liquefied natural gas (LNG) vessels in the United States to be used for the supply and sea freight of the United States LNG exports. The Company’s subsidiary, Petrogres Co. Ltd. (Petrogres), operates as an oil commodity company in West Africa. Its other subsidiaries are Petronav Carriers LLC (Petronav) and Petrogress Oil & Gas Energy Inc. (Petrogress Energy). Petronav focuses on primarily managing the day-to-day operation and handling of the tanker fleet it manages. Petrogress Energy is primarily focused on investigating the feasibility of acquiring oil fields in Texas so that the Company can expand its operations into the LNG market within the United States market.
