North American Oil cancels plans for $5 million investment agreement

Beaufort Ventures was to purchase stock under three-year agreement

By Devika Patel

Knoxville, Tenn., Jan. 21 ‑ North American Oil & Gas Corp. terminated its $5 million investment agreement with Beaufort Ventures plc on Jan. 8, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal was not an equity line of credit, the company said in an 8-K filing announcing the deal on March 28, 2014.

The offering was canceled after the company decided not to proceed with the agreement since the registration process for the shares to be sold in the deal began in April 2014 and remains outstanding due to various factors.

Beaufort agreed to deal on March 24, 2014. As compensation for terminating the investment agreement, the Beaufort received 300,000 of the company’s unregistered common shares.

The oil and gas exploration company is based in Ventura, Calif.

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