Native American Energy Converts $425K Debt To Equity
January 29, 2013
Native American Energy Group Inc. (OTCQB: NAGP) reached an agreement with Semjet International Ltd. to convert US $425,000 of debt to equity.
Semjet is an oilfield technology service provider that supplied the company with lateral jetting services in association with NAGP's five-well EOR program in Montana. The debt is being converted at US $1 per share and will bear restrictive legends in compliance with Rule 144.
As part of its efforts to materially strengthen the company's balance sheet, within the last 12 months, NAGP's management team has succeeded in reducing ...
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