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 Friday, April 19, 2024, White River Energy Corp (“White River” or the “Company”) received a legal opinion from a confidential law firm confirming the validity of the form, receipt, and useability of federal income tax credits originally issued to a Native American tribe (the “Credits”) which White River received from its joint venture partner (“JV Partner”), an affiliate of the Native American tribe pursuant to the Joint Venture Agreement entered into on November 22, 2023 (the “Joint Venture Agreement”). This opinion currently applies to only the first $5.5 billion in Credits that the Company has been assigned. White River considers the contents of this legal opinion a trade secret and only plans to disclose it to selected prospective purchasers of material amounts of these Credits and certain other representatives under a mutually executed Non-Disclosure Agreement (“NDA”) specific to these Credits and information related thereto.
On Tuesday, April, 23, 2024, the White River Board of Directors approved the Company commencing the sale of $5.0 billion of these Credits starting on Monday, April 29, 2024 at the following pricing levels on a first-come, first served basis:
| - | Tranche 1: The first $2.5 billion to be sold at $0.50 per $1.00 of Credit | |
| - | Tranche 2: When Tranche 1 has been completely sold and funded, the second $1.5 billion is to be sold at $0.55 per $1.00 of Credit | |
| - | Tranche 3: Finally, when Tranche 2 has been completely sold and funded, the remaining $1.0 billion is to be sold at $0.60 per $1.00 of Credit |
Net proceeds received from sales of the Credits will be subject to the use of proceeds and other provisions of the Company’s Joint Venture Agreement, as disclosed in, and the form of which is filed as an exhibit to, the Company’s Current Report on Form 8-K filed on November 29, 2023.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Incorporated |
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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: April 29, 2024 | By: | /s/ Jay Puchir |
| Name: | Jay Puchir | |
| Title: | Chief Financial Officer | |