$HNRC Portfolio Company Announces Updated and Revi
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https://www.prnewswire.com/news-releases/hnrc...15519.html
CHARLESTON, W. Va., Sept. 1, 2023 /PRNewswire/ -- Cunningham Natural Resources Corp f/k/a Houston Natural Resources Corp. (OTC: HNRC) ("HNRC or the Company"
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HNRA has signed the A&R MIPA with the sellers described therein ("Sellers"
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Highlights of the A&R MIPA include revision of the purchase price to an aggregate amount of $63 million in cash plus (i) two million shares of a new class of Class B Common Stock of the Company which have no economic rights (voting only) and (ii) two million units in the Company's newly-formed subsidiary, HNRA Upstream, LLC ("OpCo"
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In addition, in connection with the reduction of the purchase price due at closing, Target transferred a 10% overriding royalty interest in oil, gas and minerals in, under and produced from each lease of Target (the "ORR Interest"
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On August 28th HNRA signed a commitment letter with First International Bank & Trust (FIBT) for a senior secured term loan in the amount of $28 million to fund a portion of the purchase price, subject to a number of conditions set forth in the letter. FIBT is a 112-year-old commercial bank with offices in North Dakota, South Dakota, Minnesota and Arizona, headquartered in Watford City, North Dakota. A detailed description of the commitment letter and term sheet is included in the HNRA 8-K filing with the SEC dated August 30, 2023.
When the HNRA business combination is completed, HNRC will be able to provide a liquidity event for its shareholders, that is expected to be within 180 days of closing.
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