SEC Filing Summary: Freedom Petroleum, Inc. (Form 8-K)
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Freedom Petroleum, Inc. on January 23, 2014. The filing discloses a material definitive agreement involving a change in control and management. The company is incorporated in Nevada with principal executive offices in Denver, Colorado.
Key Financial Metrics
The filing text does not provide standard financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial figure disclosed is the transaction price for the sale of equity securities.
- Transaction Price: $27,000 for 27,000,000 shares of common stock.
- Implied Price Per Share: $0.001.
Material Changes Versus Prior Period
The filing reports a significant change in ownership and corporate governance effective upon the closing of the transaction:
- Change in Control: Anton Lin purchased 27,000,000 shares (approximately 51.7% of outstanding common stock) from Selling Shareholders Thomas Hynes and Nina Bijedic.
- Management Resignations: Thomas Hynes (sole officer and director) and Nina Bijedic (corporate secretary) submitted their resignations from all positions.
- New Leadership: The Board of Directors appointed Anton Lin as the sole director and Chief Executive Officer, effective after the closing of the private sale.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, outlook, or management commentary regarding future operations or financial performance. The document includes standard risk disclosures regarding the transaction documents:
- Representations and warranties in the agreement are made solely for the benefit of the parties and may not reflect the actual condition of the company.
- Investors are cautioned not to rely on the transaction documents as characterizations of the company's actual state of facts.
- Information regarding the company's condition may change after the date of the agreement.
Key Facts for Investor Verification
- Verify the closing status of the private sale and the transfer of 51.7% of the company's equity to Anton Lin.
- Confirm the effective date of Anton Lin's appointment as CEO and sole director.
- Review the attached Exhibits 10.1 (Securities Purchase Agreement) and 10.2 (Escrow Agreement) for specific covenants and conditions.
- Check subsequent filings for updated financial statements, as this 8-K does not contain audited or unaudited financial data.