DENVER, Aug. 27, 2019 /PRNewswire/ -- Home Treasure Finders, Inc., (OTCPK: HMTF), a real estate investment company based in Denver, Colorado that leases warehouse space to Hemp seed growers, announced that on August 15, 2019 it entered into a Stock Purchase Agreement (SPA) with certain shareholders of Energy Hunter Resources, Inc. (EHR), a privately held oil and gas company based in Dallas, Texas, representing 91% of EHR's ownership. Under terms of the SPA, these EHR shareholders will own approximately 88% of HMTF's post-closing shares outstanding, on a fully diluted basis. It is anticipated that EHR, as a subsidiary of HMTF, will then divest all of its oil and gas assets. The net proceeds of this divestiture are anticipated to be used to assist HMTF in its goal of becoming a pure play 'Hemp only company'.
- Home Treasure Finders, Inc. entered into a definitive SPA with certain shareholders of EHR.
- Upon closing, shareholders of EHR will receive a share of HMTF convertible preferred series. A for each share of common stock they own, convertible into 16 shares of HMTF's common stock.
- HMTF plans to change the name of Home Treasure Finders, Inc. to Generation Hemp, Inc., and become a pure play Hemp company upon divestiture of all of the existing oil and gas properties owned by EHR.
- HMTF believes that by entering into this transaction, the best interests of its shareholders was accomplished by i) attracting a highly experienced new management team led by a successful entrepreneur ii) the building of a much larger asset base as a result of this business combination iii) and immediate access to the equity capital markets.
Corey Wiegand, President of HMTF, said, "Entering into the SPA with Energy Hunter Resources' shareholders is a win-win scenario for shareholders of both companies. The transaction provides Home Treasure Finder shareholders with the liquidity and capital it requires to successfully grow and expand in this new business sector. At the same time, Energy Hunter Resources' shareholders will receive access to a clean publicly traded entity which will allow the new management team to move quickly into the Hemp space and, upon divesting EHR's oil and gas assets, will become a pure play 'Hemp only company'."
Management of both companies anticipates that the transaction will close within the next 30 to 60 days. In the meantime, the two companies are working closely together in advancing the business plan.
Gary C. Evans, Founder, Chairman & CEO of Energy Hunter Resources, Inc., said, "The business combination of Energy Hunter Resources Inc. and Home Treasure Finders, soon to be renamed Generation Hemp, Inc., provides a unique opportunity to capitalize on the significant growth prospects we are seeing throughout the Hemp industry. In the coming months, we will divest all of our oil and gas assets and reinvest the capital back in the Hemp industry along with new equity capital that we are presently sourcing."
Evans continued, "We plan to use the combined capital to selectively acquire certain assets and/or operating companies within the Hemp sector that we have been analyzing for the past four months. Additionally, we are in the process of applying for an uplisting of our securities to the OTCQB with an eventual goal of uplisting to the NASDAQ Capital Market Exchange. We believe that being an early entrant into the public Hemp space gives us significant advantages to the many consolidation opportunities that lie ahead."
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as "believes", "expects", "anticipates", "intends", "plans", "estimates", "projects", "forecasts", "proposes", "should", "likely" or similar expressions, indicates a forward-looking statement. These statements and all the projections in this press release are subject to risks and uncertainties and are based on the beliefs and assumptions of management, and information currently available to management. The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information. The identification in this press release of factors that may affect the company's future performance and the accuracy of forward-looking statements is meant to be illustrative and by no means exhaustive.
Anthony D Andora
Chief marketing officer
SOURCE HOME TREASURE FINDERS, INC.