Laredo Oil Enters Material Definitive Agreement on Jan 19
Ticker: LRDC · Form: 8-K · Filed: Jan 25, 2024 · CIK: 1442492
| Field | Detail |
|---|---|
| Company | Laredo Oil, INC. (LRDC) |
| Form Type | 8-K |
| Filed Date | Jan 25, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $2,034,000, $2,034,000 million, $575,000 |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: material-agreement, corporate-action
TL;DR
**Laredo Oil just signed a big deal, watch for details on what it means for the stock.**
AI Summary
Laredo Oil, Inc. filed an 8-K on January 25, 2024, reporting an "Entry into a Material Definitive Agreement" that occurred on January 19, 2024. This filing indicates a significant new contract or partnership for the company, which could impact its future operations and financial performance. For investors, this matters because material agreements often signal changes in strategy, potential revenue streams, or new liabilities, directly affecting the stock's valuation and risk profile.
Why It Matters
This filing signals a potentially significant business development for Laredo Oil, Inc., which could lead to new opportunities or obligations that affect its stock value.
Risk Assessment
Risk Level: medium — The filing indicates a material agreement but lacks specific details, creating uncertainty about its financial impact and implications for shareholders.
Analyst Insight
Investors should monitor Laredo Oil, Inc.'s future filings for specific details regarding the material definitive agreement, as its terms will dictate the actual impact on the company's financials and stock performance.
Key Players & Entities
- Laredo Oil, Inc. (company) — the registrant filing the 8-K
- January 19, 2024 (date) — date of the earliest event reported, entry into a material definitive agreement
- January 25, 2024 (date) — date the 8-K was filed
- 0001442492 (company) — Central Index Key (CIK) for Laredo Oil, Inc.
- 2021 Guadalupe Street, Ste. 260 Austin, Texas 78705 (company) — business address of Laredo Oil, Inc.
Forward-Looking Statements
- Laredo Oil, Inc. will file a subsequent 8-K or 10-Q providing more details about the material definitive agreement. (Laredo Oil, Inc.) — high confidence, target: 2024-04-30
FAQ
What was the specific event reported in this 8-K filing by Laredo Oil, Inc.?
The specific event reported in this 8-K filing by Laredo Oil, Inc. was the "Entry into a Material Definitive Agreement" as per Item 1.01, which occurred on January 19, 2024.
When did Laredo Oil, Inc. file this 8-K with the SEC?
Laredo Oil, Inc. filed this 8-K with the SEC on January 25, 2024, as indicated by the 'FILED AS OF DATE' in the filing header.
What is Laredo Oil, Inc.'s Central Index Key (CIK) according to the filing?
Laredo Oil, Inc.'s Central Index Key (CIK) is 0001442492, as stated in the 'COMPANY DATA' section of the filing.
What is the business address of Laredo Oil, Inc. as listed in the 8-K?
The business address of Laredo Oil, Inc. listed in the 8-K is 2021 Guadalupe Street, Ste. 260, Austin, Texas 78705.
Does this 8-K filing provide specific details about the nature or parties involved in the "Material Definitive Agreement"?
No, this 8-K filing only states that Laredo Oil, Inc. entered into a "Material Definitive Agreement" on January 19, 2024, but it does not provide specific details about the nature of the agreement or the parties involved.
Filing Stats: 597 words · 2 min read · ~2 pages · Grade level 11.7 · Accepted 2024-01-24 18:14:02
Key Financial Figures
- $2,034,000 — h certain accredited investors provided $2,034,000 to fund the drilling of a development w
- $2,034,000 million — pation Agreement will initially provide $2,034,000 million in cash to fund the drilling of a devel
- $575,000 — cipating accredited investors also hold $575,000 in the Company's convertible debt, plus
Filing Documents
- form_8-k.htm (8-K) — 28KB
- ldrc-ex10_1.htm (EX-10.1) — 79KB
- lo001_v1.jpg (GRAPHIC) — 3KB
- 0001199835-24-000048.txt ( ) — 297KB
- lrdc-20240119.xsd (EX-101.SCH) — 3KB
- lrdc-20240119_lab.xml (EX-101.LAB) — 34KB
- lrdc-20240119_pre.xml (EX-101.PRE) — 22KB
- form_8-k_htm.xml (XML) — 3KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement. Hell Creek Crude, LLC, a wholly owned subsidiary of Laredo Oil, Inc. (the "Company"), has entered into a Participation Agreement, dated January 19, 2024 (the "Participation Agreement"), under which certain accredited investors provided $2,034,000 to fund the drilling of a development well and the acquisition of certain oil and gas leases in the Midfork Field in Montana. The Participation Agreement will initially provide $2,034,000 million in cash to fund the drilling of a development well and the acquisition of certain leases currently held by Lustre Oil Company, LLC, a wholly owned subsidiary of the Company. Several of the participating accredited investors also hold $575,000 in the Company's convertible debt, plus accrued interest, which will be considered as investments under the Participation Agreement. The foregoing is a description of the material terms and conditions of the Participation Agreement, and related documents, and is not a complete discussion of the Participation Agreement. Accordingly, the foregoing is qualified in its entirety by reference to the full text of the Participation Agreement, a copy of which is attached as Exhibit 10.1 to this Report, and is incorporated herein by reference. 2
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibit Exhibit 10.1 Participation Agreement, dated January 19, 2024. Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 3
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. LAREDO OIL, INC. Date: January 24, 2024 By: /s/ Bradley E. Sparks Bradley E. Sparks Chief Financial Officer and Treasurer 4 EXHIBIT INDEX Exhibit No. Description Exhibit 10.1 Participation Agreement, dated January 19, 2024. Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 5