Liberty Energy Corp. has secured financial backing through the execution of a restricted share issuance agreement with public equity fund Petro Fund - I, Inc., a Houston, Texas based upstream oil & gas fund.

The Company shall use $150,000 of advances to extinguish all existing debts including convertible notes, fund operating expenses, working capital and general corporate activities. The Company shall use up to $3,500,000 to fund mergers and acquisitions (including related legal and, accounting expenses) or the purchase of capital assets. The current Right Of First Refusal for financing held by Asher Enterprises has be terminated.

"This is a very positive advancement for Liberty Energy Corp as we finalize our transition of management and progress to the acquisition stage of the Company, to remove all remaining liability and convertible debts," commented Ian Spowart, CEO of Liberty Energy, Inc.

Tags: Liberty Energy