Friendly Energy Opens Arms to Repurchase Stock
Friendly Energy Exploration has entered into Stock Repurchase Agreements with Douglas B. Tallant, CEO and President; Donald L. Trapp, CFO and Secretary; and Merus Energy Corp. Per the terms of the Agreements, Friendly Energy will re-purchase certain shares of preferred stock previously issued to each of the Parties in exchange for newly issued Promissory Notes. Collectively the company will exchange 4,200,000 preferred shares for promissory notes in the principal amount of $442,000 bearing interest at 8% per annum and due on April 1, 2011. See the company's 8-K filing dated April 5, 2010 for details.
Doug Tallant, CEO and President of Friendly Energy, commented, "These agreements reflect the maturity of Friendly Energy to a production company with sustainable revenues. The company is now able to service a small amount of debt. These agreements are very positive for our present shareholders because it eliminates a future dilution of 42,000,000 shares."
- Friendly Energy Boosts Production in Tx. (Apr 21)
- Friendly Energy Opens Arms to Repurchase Stock (Apr 07)
- Friendly Energy All Smiles Over Operational Transition (Mar 31)