PetroHunter Energy Corporation
|
Maryland
|
000-51152
|
98-0431245
|
||
(State or other jurisdiction
of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
Not applicable
|
[ ]
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
[ ]
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
[ ]
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
[ ]
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 1.01.
|
Entry into a Material Definitive Agreement.
|
·
|
Extension of the maturity of the Global Debt to December 31, 2014;
|
·
|
Global’s agreement to the transfer of the registrant’s 25% in the Beetaloo Basin permits held by its subsidiary, Sweetpea Petroleum Pty Ltd (“Sweetpea”), to Falcon Oil & Gas Australia Pty Ltd (“Falcon Australia”) in exchange for an initial 25% ownership in Falcon Australia;
|
·
|
Issuance of separate convertible promissory notes evidencing a portion of the Global Debt in the aggregate amount of $6,500,000, which will be secured by a first priority lien on the registrant’s Sweetpea shares, which lien is shared with holders of the registrant’s Series A Convertible Debentures described below in the aggregate principal amount of $6,956,387;
|
·
|
Convertible notes to be convertible at $0.125 through December 31, 2011 and to $0.10 through December 31, 2014;
|
·
|
Payment of accrued interest on the Global Debt through the issuance of restricted shares of the registrant’s common stock, using a price of $0.125 per share;
|
·
|
Interest going forward will be accrued but paid at maturity;
|
·
|
As to warrants to purchase 1,300,000 shares, extension of warrant termination date to December 31, 2014 and reduction in the exercise price of the warrants, currently at $2.10 per share, to $0.175 per share through December 31, 2011 and $0.12 per share through December 31, 2014; and
|
·
|
Payment of $25,000 per quarter against advance fees owed, to the extent the registrant has funds available to do so.
|
·
|
Extension of the maturity of the Debentures to December 31, 2014;
|
·
|
Waiver of the registrant’s failure to pay quarterly installments of interest as events of default under the Debentures;
|
·
|
Payment of accrued interest on the Debentures through the issuance of restricted shares of the registrant’s common stock, using a price of $0.125 per share;
|
·
|
Interest going forward will be accrued but paid at maturity;
|
·
|
Extension of the warrant termination date to December 31, 2014 and reduction in the exercise price of the warrants, currently at $0.255 per share, to $0.175 per share through December 31, 2011 and to $0.12 through December 31, 2014; and
|
·
|
Reduction in the conversion price of the Debentures, currently at $0.15, to $0.125 through December 31, 2011 and to $0.10 through December 31, 2014.
|
Regulation
S-K Number
|
Document
|
10.1
|
Amendment to Credit and Security Agreements and Promissory Note dated March 5, 2010
|
10.2
|
Form of Waiver and Amendment Agreement dated March 8, 2010
|
PETROHUNTER ENERGY CORPORATION
|
|
March 9, 2010
|
By: /s/ Martin B. Oring
Martin B. Oring, President & CEO
|
Regulation
S-K Number
|
Document
|
10.1
|
Amendment to Credit and Security Agreements and Promissory Note dated March 5, 2010
|
10.2
|
Form of Waiver and Amendment Agreement dated March 8, 2010
|