Galaxy Energy Corp - Current report filing (8-K)
March 04 2008 - 6:00AM
Edgar (US Regulatory)
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported):
March 3, 2008
GALAXY
ENERGY CORPORATION
(Exact
name of registrant as specified in its charter)
Colorado
(State
or other jurisdiction of
incorporation)
|
1-32682
(Commission
File
Number)
|
98-0347827
(IRS
Employer
Identification
No.)
|
1331
– 17
th
Street,
Suite 1050, Denver, Colorado 80202
(Address
of principal executive offices)(Zip Code)
(303)
293-2300
Registrant's
telephone number, including area code
Not
applicable
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
¨
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
2.03
|
Creation
of a Direct Financial Obligation or an Obligation under an Off-Balance
Sheet Arrangement of a Registrant
|
On March
3, 2008, the registrant executed a subordinated unsecured promissory note for
$600,000 in favor of Bruner Family Trust UTD March 28, 2005. Interest
accrues at the rate of 8% per annum and the note matures on the later of July 1,
2008 or the time at which the registrant’s senior indebtedness has been paid in
full. In connection with this loan, the registrant and the lender
have submitted a subordination agreement for execution by the holders of the
senior indebtedness.
One of
the trustees of Bruner Family Trust UTD March 28, 2005 is Marc E. Bruner, the
president and a director of the registrant.
Proceeds
of the loan will be used to support the registrant’s operations.
Item
9.01 Financial
Statements and Exhibits
Regulation
S-K
Number
|
Document
|
|
|
10.1
|
Subordinated
Unsecured Promissory Note dated March 3, 2008
|
|
|
10.2
|
Subordination
Agreement dated March 3, 2008
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
GALAXY
ENERGY CORPORATION
|
March
3, 2008
|
By:
/s/
Christopher S.
Hardesty
Christopher
S. Hardesty
Senior
Vice President and
Chief
Financial Officer
|
|
|
2
EXHIBIT
INDEX
Regulation
S-K
Number
|
Document
|
|
|
10.1
|
Subordinated
Unsecured Promissory Note dated March 3, 2008
|
|
|
10.2
|
Subordination
Agreement dated March 3, 2008
|
3
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