HOUSTON, Sept. 21, 2023 /PRNewswire/ -- Houston Natural Resources Corp (OTC: HNRC) ("HNRC or the Company"), now known as Cunningham Natural Resources Corp ("CNRC"), announced today the successful completion of the sale of its subsidiary assets, at an enterprise value of $18 million dollars, to realize $0.15c per share. This has resulted in strong gains and advances in the Company's objectives.
The company entered into an agreement to exchange convertible preferred stock, with a market value of $18 million dollars, for its Houston Natural Resources, Inc ("HNRI") assets. The company has been able to exchange the HNRI reserves for $352m in Cunningham Energy LLC reserves without further dilution.
The company will be focused, under its new name of Cunningham Natural Resources Corp, on traditional oil and gas opportunities and energy transition materials including mining opportunities in copper, lithium, gold, as well as other precious and rare earth metals. The investment focus will be global with sustainability at the core of the strategy. As announced previously the company is in the process of a FINRA review for a name change, ticker and CUSIP change.
The company intends to put this additional capital to use for future energy and energy transition acquisitions and provide a dividend to shareholders, subject to FINRA review.
The company has signed a $10 million-dollar underwriting commitment for acquisitions and a listing to a major exchange. The company anticipates uplisting in the fourth quarter. The benefits an underwriter can provide to the company include acquisition and expansion capital, market awareness and analyst coverage to help increase market interest in the company's business model.
About Houston Natural Resources Corp
Houston Natural Resources Corp. (OTC: HNRC) (www.hnrcholdings.com) is a diversified energy company with oil and gas interests. The Company has recently acquired a 100% interest in Cunningham Energy LLC, with appraised reserves of $352 million. The Company also has minority investments in Rhino Energy Ltd, CE Energy Sponsors, LLC and HNR Acquisition Corp. The Company will also continue to seek new energy and energy transitions opportunities as it focuses on creating more value for shareholders.
About Cunningham Natural Resources Corp
Cunningham Natural Resources Corp (www.cunninghamnaturalresources.com) will be focused on traditional oil and gas opportunities and energy transition materials including mining opportunities in copper, lithium, gold, as well as other precious and rare earth metals. The investment focus will be global with sustainability at the core of the strategy.
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties.
Houston Natural Resources Corp
12 Greenway Plaza, Suite 1100
Houston, Texas 77046
Phone: (713) 425-4901
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SOURCE Houston Natural Resources Corp