PETROGRESS, INC. (OTCMKTS:PGAS) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 – Material Definitive Agreement
Effective September 26 and 30, 2017, Petrogress, Inc. (the “Registrant”) entered into two separate Securities Purchase Agreements. Under the terms of the agreements, the Registrant purchased 50% of the membership units of Petrogress Int’l LLC, a Delaware limited liability company (“PIL”) and then, through PIL, 1,080,000 shares of Petrogres Africa Company Limited., a Ghanaian limited company formed under The Companies Act of 1963 (Act 179) (Reg. No. CS1866362016) (“PAF”). The shares of PAF acquired by the Registrant’s wholly owned subsidiary, PIL, comprise 90% of its issued and outstanding shares; the remaining shares are owned by private Ghanaian investors who are not otherwise affiliated with the Registrant. The units of PIL and shares of PAF were each purchased by the Registrant and PIL, respectively, from Christos P. Traios, President, Chairman and majority shareholder of the Registrant, for consideration of US$1.00 under the terms of each agreement.
Item 9.01 — Financial Statements and Exhibits
(d)Exhibits.
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Exhibit |
Description |
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10.1 |
Securities Purchase Agreement dated September 25, 2017, by and between Christos P. Traios and Petrogress, Inc. |
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10.2 |
Securities Purchase Agreement dated September 30, 2017, by and between Christos P. Traios and Petrogress Int’l, LLC |
Petrogress, Inc. ExhibitEX-10.1 2 ex_98740.htm EXHIBIT 10.1 ex_98740.htm Exhibit 10.1 SECURITIES PURCHASE AGREEMENT This Securities Purchase Agreement (“Agreement”) is entered into as of September 25,…To view the full exhibit click here
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.