Texas South Energy, Inc. (OTCMKTS:TXSO) Files An 8-K Unregistered Sales of Equity Securities
Item 3.02 Unregistered Sales of Equity Securities.
During October 2018, the Company issued 250,000 shares of common stock to a consultant for services rendered valued at $0.02 per share.
During November 2018, the Company sold 500,000 shares of common stock to two accredited investors for an aggregate total of $10,000.
During January 2019, the Company issued derivative securities allowing two affiliates to convert up to $460,000 of indebtedness into 23 million shares of common stock at a conversion price of $0.02 per share.
During January 2019, the Company issued 750,000 shares of common stock to an employee valued at $0.02 per share.
The issuances of these securities did not involve the payment of any sales commissions and were exempt to Section 4(a)(2) of the Securities Act of 1933.
About Texas South Energy, Inc. (OTCMKTS:TXSO)
Texas south energy, Inc. is an oil and gas company. The Company focuses primarily on properties in the Gulf Coast Region. The Company also focuses to obtain existing royalty interests and other interests or rights in oil and gas properties; mineral rights, which it intends to lease to oil and gas operators in exchange for a royalty payment, and working interests in oil and gas properties. The Company acquired interest in mineral rights covering approximately 90 acres in Lavaca County. The Company’s acreage is included in the Eagle Ford Shale located in South Texas. The Company entered into a farm out letter agreement with GulfSlope, relating to certain prospects on GulfSlope bid at the Central Gulf of Mexico Lease Sale 231, located within over two million acres of three-dimensional seismic licensed and interpreted by GulfSlope.
