sustainable petroleum group inc. (OTCMKTS:SPGX) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
to the terms and conditions of a property purchase agreement
dated March 13, 2017 between Sustainable Petroleum Group Inc, and
Workplan Holding Inc. SPGX has acquired 13 mineral claims in the
Thunder Bay Mining Division Rickaby and Lapierre Townships. The
parties agreed on a purchase price of CDN$5 million for the 13
mineral claims, which was paid in full by SPGX issuing and
delivering to Workplan Holding Inc. 1,250,000 restricted shares
in the common stock of the capital of SPGX. See Exhibit 10.2 –
Property Purchase Agreement for more details.
SPGX is the beneficial owner of the 13 mineral claims subject to
a 3.0% net smelter return that had been granted to John Leliever
by Workplan Holding Inc., and which was carried forward as a
condition of the acquisition of the 13 mineral claims. SPGX may
at its discretion buy back half of the 3% NSR (1.5%) for a
one-time payment of CDN$1,500,000.00 prior to a bankable
prefeasibility being completed on any of the 13 mineral claims.
See Exhibit 10.2 – Property Purchase Agreement for more details.
Item 7.01. Regulation FD Disclosure.
Limitation on Incorporation by Reference: In accordance
with general instruction B.2 of Form 8-K, the information in this
report, including Exhibit 10.2, is furnished under Item 9 and to
Regulation FD, and will not be deemed to be filed for the
purposes of Section 18 of the Securities Exchange Act of 1934 or
otherwise subject to the liabilities of that section, or
incorporated by reference in any filing under the Securities Act
of 1933 or the Securities Exchange Act of 1934, except as will be
expressly set forth by specific reference in such filing. This
report will not be deemed a determination or an admission as to
the materiality of any information in the report that is required
to be disclosed solely by Regulation FD.
The information contained in Exhibit 10.2 is incorporated herein
Item 9.01. Financial Statements and Exhibits.
Property Purchase Agreement dated March 13, 2017 between
Sustainable Petroleum Group Inc. and Workplan Holding Inc.
|Form 8-K||Sustainable Petroleum Group Inc.|| Page |
About sustainable petroleum group inc. (OTCMKTS:SPGX)
Sustainable Petroleum Group Inc., formerly Blue Spa Incorporated, is a shell company. The Company focuses on undertaking the oil and gas business. The Company focuses on oil and gas projects for acquisition, which are global in nature. The Company was engaged in the development of an Internet-based retailer of a multi-channel concept combining a wholesale distribution with a retail strategy relating to the personal care products, fitness apparel and related accessories. As of August 31, 2016, the Company had not conducted any business operations. As of August 31, 2016, the Company had not generated any revenues. sustainable petroleum group inc. (OTCMKTS:SPGX) Recent Trading Information
sustainable petroleum group inc. (OTCMKTS:SPGX) closed its last trading session 00.00 at 3.00 with 125,334 shares trading hands.