- Current report filing (8-K)
02 April 2009 - 11:27PM
Edgar (US Regulatory)
UNITED
STATES
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 27,
2009
CAPITAL
CITY ENERGY GROUP, INC.
(Exact
Name of Registrant as Specified in Charter)
Nevada
(State
or other jurisdiction
of
incorporation)
|
333-140806
(Commission
File Number)
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20-5131044
(IRS
Employer
Identification
No.)
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8351
North High Street ▪ Suite 101
Columbus,
Ohio
(Address
of principal executive offices)
|
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(Registrant’s
telephone number, including area code)
(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:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR
240.13e-4(c))
Section
1 – Registrant’s Business and Operations
Item
1.01. Entry
into a Material Definitive Agreement
On March
27, 2009, Hotwell Services, Inc., (“Hotwell”), a Delaware corporation and wholly
owned subsidiary of Capital City Energy Group, Inc. (“CCEG”), having its
principal place of business at 2315 Route 66, Delmont, PA 15626 and Crestmark
Commercial Capital Lending LLC (“Crestmark”) located at 726 Highlandia Drive,
Baton Rouge, Louisiana 70810, entered into an Accounts Receivable Financing
Agreement (the “Agreement”).
Pursuant
to the Agreement, Crestmark has agreed to purchase Hotwell's eligible accounts
receivable. Hotwell is obligated to pay Crestmark a fee of 1.25% of the gross
amount of each account receivable, per month, such account receivable is
outstanding. The Agreement also provides that Crestmark may make
factoring advances of up to $1,000,000 to Hotwell. Hotwell’s
obligations in the Agreement are guaranteed by CCEG. As an additional inducement
to Crestmark, CCEG granted a security interest in all of CCEG’s
assets.
The
foregoing description of the Accounts Receivable Financing Agreement does not
purport to be complete and is qualified in its entirety by reference to such
agreement, which is attached hereto as Exhibit 10.1.
Section
2 - Financial Information
Item
2.03. Creation
of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement of a Registrant
The
information set forth under Item 1.01 above is incorporated herein by
reference.
Item
9.01. Financial
Statements and Exhibits
(d) Exhibits
The
exhibit listed in the following Exhibit Index is filed as part of this Current
Report on Form 8-K.
Exhibit No
.
|
Description
|
10.1
|
Accounts
Receivable Financing Agreement dated March 27, 2009 between Hotwell
Services, Inc. and Crestmark Commercial Capital Lending
LLC
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10.2
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Guaranty
by Capital City Energy Group,
Inc.
|
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 thereunto
duly authorized.
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Capital
City Energy Group, Inc.
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By:
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/s/
Doug
Crawford
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Doug
Crawford
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Principal
Financial Officer
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