Eagle Oil Holding Company Inc. (EGOH:OTC) discusses the Financing of the Company.
August 14 2013 - 12:01PM
OTC Markets
August
14, 2013
Connie
Helwig, sole
director of Eagle Oil Holding Company Inc. is pleased to update
shareholders on
its fundraising initiatives.
Upon Ms.
Helwig's
appointment as a director last month, the company had
very
little cash
and a disproportionate amount of
liabilities. However, because
of the
acquisition of the Frank Farm lease, the
consultant
for the company was willing to invest funds that
were used to pay some overdue bills and to send monies to the
operator to
begin work on the lease. Ms. Helwig convinced
the consultant
to accept
the use of
convertible debt as consideration since the company now had
an asset and, in the event that the cash flow from operations
was not
enough to pay back the money borrowed; he could
convert his debt into
shares as an exit strategy.
Eagle Oil
is now in talks
with other parties that want to invest monies into the
company in the
same manner.
This should allow the company
to bring both
leases into production so that additional financing will not be
needed in the
future. Development costs for
the remainder of the
lease should be self-financed once a
good portion of the wells are reworked due to the cash flow
provided by oil production.
Further
updates will be
forthcoming.
Forward- Looking
Statements
Safe Harbor Statement: This press release
contains
forward-looking statements that reflect the Company's current
expectation
regarding future events. Actual events could differ materially and
substantially
from those projected herein and depend on a number of factors.
Certain
statements in this release, and other written or oral statements
made by Eagle
Oil Holding Co. are ?forward-looking statements? within the meaning
of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange
Act of 1934. You should not place undue reliance on forward-looking
statements
since they involve known and unknown risks, uncertainties and other
factors
which are, in some cases, beyond the Company's control and which
could, and
likely will, materially affect actual results, levels of activity,
performance
or achievements. The Company assumes no obligation to publicly
update or revise
these forward-looking statements for any reason, or to update the
reasons
actual results could differ materially from those anticipated in
these
forward-looking statements, even if new information becomes
available in the
future. Important factors that could cause actual results to differ
materially
from the Company's expectations include, but are not limited to,
those factors
that are disclosed under the heading "Risk Factors" and elsewhere
in
documents filed by the Company from time to time with the United
States
Securities and Exchange Commission.
Contact Information:
eagleoilholdingcompany@gmail.com
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