UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e)
On October 24, 2024, the Board of Directors of White River Energy Corp (the “Company”) approved the grant of royalties on any future sales of federal income tax credits originally issued to one or more Native American tribes (“Tax Credits”) as follows: (i) to each of Randy May, the Company’s Chief Executive Officer and a director, and Jay Puchir, the Company’s Chief Financial Officer and a director, a royalty of 2% of the gross proceeds from any such sales of Tax Credits, and (ii) to each of the Company’s non-employee directors, comprised of James Cahill, Danny Hames, and Greg Landis, a royalty of 0.33% of the gross proceeds from any such sales of Tax Credits. Each of Messrs. May and Puchir were previously entitled to royalties of 1% of the gross proceeds from sales of Tax Credits.
Item 8.01 Other Information.
On October 24, 2024, the Board of Directors of the Company approved a transaction with Sky3D, LLC (“Sky3D”), an entity controlled by Randy May, the Company’s Chief Executive Officer and a director, pursuant to which the Company will purchase from Sky3D leases and rights held by Sky3D in a total of 4,500 acres from three mineral leases for a total purchase price of $23.5 million, approximately $5.6 million of which will be used by Sky3D to pay the Company for outstanding joint interest billing receivables for drilling costs on existing wells, resulting in a net cash impact to the Company of approximately $17.9 million. Mr. May abstained from voting on the foregoing matter.
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) | |||||||||
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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: October 28, 2024 | By: | /s/ Jay Puchir |
| Name: | Jay Puchir | |
| Title: | Chief Financial Officer | |
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