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AMAZING ENERGY OIL AND GAS, CO. (OTCMKTS:AMAZ) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
Item 2.03

Creation of a Direct Financial Obligation
On September 18, 2019 Amazing Energy Oil & Gas, Co. (“Amazing” or the “Company”) finalized a loan agreement with FirstFire Global Opportunities Fund, LLC whereby the Company borrowed the aggregate sum of two hundred fifty thousand and no/100 dollars ($250,000.00) (the “Loan”).
The loan contained an original issue discount of ten percent (10%), bears interest at the rate of twelve percent (12%) per annum, matures on March 09, 2020 (the “Maturity Date”) and is convertible in whole or in part, at any time prior to the date the Loan is repaid in full, into shares of the Company’s common stock at a fifty percent (50%) discount to the market price of the Company’s common stock. The Company may pre-pay the Loan, in full, at any time prior to the Maturity Date so long as Company is not in default under any terms of the Loan.
The proceeds of the Loan will be used for general working capital.
Item 3.02
Unregistered Sales of Equity Securities.
The Company issued, as a commitment fee related to the Loan, a total of one million eight hundred seventy-five thousand (1,875,000) shares of its common stock (the “Shares”). If the Loan is paid off on or before the Maturity Date, one million five hundred sixty-two thousand five hundred (1,562,500) of the Shares will be returned to the Company and canceled.
About AMAZING ENERGY OIL AND GAS, CO. (OTCMKTS:AMAZ)

Amazing Energy Oil and Gas, Co. is an independent energy company. The Company is engaged in the business of exploration, development and production of oil and gas in the Permian Basin of West Texas. The Company is also engaged in the production and sale of oil and natural gas. The Company is developing resource potential from the Queens formation. Its additional drilling targets include the Greyburg, San Andreas and Devonian zones. As of July 31, 2016, the Company had leasehold rights within approximately 70,000 contiguous acres in Pecos County, Texas, which lies within the Permian Basin. The property is located in the Northeast region of the County. The Pecos leasehold lies within the White & Baker Field and portions of the Walker Field. The Pecos leasehold consists of multiple leases. As of July 31, 2016, its estimated net proved reserves were 745,190 barrels of oil equivalent (BOE). As of July 31, 2016, the Company owned 22 oil and gas wells in the Permian Basin.

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This post first appeared on SEC Filings – Market Exclusive