On December 10, 2020, Ameritrust Corp. (the “Company”) entered into a Purchase and Sale Agreement with New Nevada Lands, LLC and New Nevada Resources, LLC (the “Purchase Agreement”) for the purchase of a parcel of vacant land in Lander County, Nevada, near Battle Mountain, consisting of approximately 25,173.23 acres.  The parcel includes mineral rights, subject to certain royalty rights retained by the seller. Also, it provides that that an oil and gas lease and utility lease relating to the property are to be assigned to the Company as part of the transaction, and that certain grazing leases were to be terminated by the seller at the closing.

The Purchase Agreement provides for a purchase price of $6,950,000, with a deposit of $25,000 upon opening of escrow and an additional $2,925,000 to be paid by the specified closing date, February 1, 2021. The balance of the purchase price was to be represented by a promissory note in favor of the seller, bearing interest at the rate of 6.5% per annum, amortized over two years, and secured by a Deed of Trust on the property.

On January 28, 2021, the parties entered into a First Amendment to the Purchase Agreement. The First Amendment changed the closing date to February 12, 2021 and provided that existing grazing leases would be assigned to the Company.