NAEG Signs Interim Financing Credit Agreement for Completion of Audits and SEC Registration
March 10 2010 - 8:01AM
Marketwired
Native American Energy Group, Inc. (PINKSHEETS: NAGP) ("NAEG" or
the "Company") announced today its execution of a credit agreement
with a private finance group which provides an initial credit line
of up to USD$500,000 to the Company. The credit line commitment has
been secured by 250,000 restricted common shares of the Company.
The proceeds from the credit line will be used to:
1. Complete the Company's 2-year financial statement audits in accordance
with PCAOB standards. (Completion is expected by April 30, 2010.)
2. File a Registration Statement with SEC (form-10 or S-1).
3. Provide general working capital.
The Company expects that borrowings under the line of credit
will be repaid primarily with proceeds from further financing
arrangements the Company intends to close in connection with the
development of its energy projects. Under the agreement, advances
to NAEG are subject to the final approval of the lender and accrue
interest at the rate of 10% per annum.
Since recently receiving its bona-fide status as an OTC Pink
Sheet Company and achieving its "CURRENT INFORMATION STATUS," the
Company has begun actively pursuing financial partners to fund
development of its energy projects in Montana & Alaska and its
wind energy initiative for New York City and Indian reservations
throughout the United States. PCAOB registered auditors are
completing audits of the Company's 2008 and 2009 financial
statements. By May 15th, NAEG intends to file either a Form-10
prior to the consummation of a funding arrangement or an S-1
Registration Statement with the Securities & Exchange
Commission as part of a funding arrangement.
"We're pleased that obtaining 'Current Information Status' has
given us the results we were hoping to achieve; having received
this interim line of credit, immediately, simply validates that,"
said Raj Nanvaan, Native American Energy Group's Chief Financial
Officer. "This line of credit will allow us to handle the immediate
expenses related to our financial statement audits, currently
underway, as well as the filing of our registration statement with
the SEC to become a reporting public company and to advance to the
OTC Bulletin Board. Such advancement will allow for upper tier
funding prospects, additional transparency and a more liquid
trading market for our stockholders."
About Native American Energy Group, Inc.
(PINKSHEETS: NAGP) New York-based Native American Energy Group is
an independent, energy resource development and management company
that specializes in oil, natural gas, and alternative energy
systems. For more information, please visit the Company's website
at: www.nativeamericanenergy.com.
Safe Harbor Statement: This release may
contain descriptions of the Company's expectations regarding future
business activities. These forward-looking statements are made in
reliance upon safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Accordingly, actual results may
differ materially from those contemplated by the forward-looking
statements.
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Contact: Native American Energy Group, Inc. Richard Ross
Chief Communications Officer info@nativeamericanenergy.com (718)
408-2323