Barrel Energy announces cancellation of land lease and elimination of $ 3.9 million of liabilities
Las Vegas, NV., Feb. 20, 2024 (GLOBE NEWSWIRE) -- Barrel Energy Inc., (OTC Markets: BRLL) (the “Company” or “BRLL”) is pleased to update shareholders on financial actions, including:
- Las Vegas, NV., Feb. 20, 2024 (GLOBE NEWSWIRE) -- Barrel Energy Inc., (OTC Markets: BRLL) (the “Company” or “BRLL”) is pleased to update shareholders on financial actions, including:
Unwinding the Land Lease Agreement. - On May 14, 2019, the Company signed a land lease in central California for 602 acres at $1,000 per acre to grow hemp for fiber usage.
- These Notes have been restructured to eliminate the variable priced conversion and will have a fixed conversion price of $0.03.
- The reduction in $3,946,219 in liabilities is a good step to move our exploration and development forward on our two primary assets which are the two Pl.s in Tanzania.