UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Item 8.01 Other Information.
On February 16, 2024, White River Energy Corp (the “Company”) entered into a letter of intent with the counterparty to that certain Joint Venture Agreement dated November 22, 2023 (the “JVA”), as previously disclosed, and a third party intermediary setting forth the terms of the Company’s contemplated purchase of $13 billion of United States federal income tax credits issued to a Native American tribe (“Credits”) in exchange for $3 million cash and 10 million shares of the Company’s restricted common stock, which will vest upon the receipt of a valid registration number for the Credits from the U.S. Treasury. On February 16, 2024, the Company paid a $1.25 million deposit towards the cash portion of the purchase price to the intermediary, which is in the process of working to provide the Company with a certificate for the Credits as well as a registration number. The transactions contemplated by the letter of intent are subject to negotiation and execution of a definitive purchase agreement with respect to the Credits.
Additionally, on February 22, 2024, the Company received a registration number for the first two tranches of Credits it received in November 2023 and December 2023 pursuant to the JVA. The Company has hired a Washington, D.C. law firm/lobbying firm to perform due diligence on its behalf with respect to the Credits, and if possible issue a tax opinion, which firm is in the process of conducting its review.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Incorporated by Reference |
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| Exhibit # | Exhibit Description | Form | Date | Number | Filed or Furnished Herewith | |||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||||
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.
| White River Energy Corp | ||
| Date: February 23, 2024 | By: | /s/ Jay Puchir |
| Name: | Jay Puchir | |
| Title: | Chief Financial Officer | |