Notice of Conversion Agreement between Burlingame Equity Investors Master Fund, LP and Arête Industries, Inc.
This agreement documents the conversion of 184 shares of 15% Series A1 Convertible Preferred Stock held by Burlingame Equity Investors Master Fund, LP into 1,159,200 shares of common stock of Arête Industries, Inc. In exchange, the holder receives $46,000, a promissory note for $552,000, and waives dividend rights after March 30, 2013. The preferred shares are returned to the company for cancellation. The agreement is signed by both parties and dated June 28, 2013.
Exhibit 10.14
NOTICE OF CONVERSION
In consideration of $46,000.00 paid to the holder hereof and the issuance of a promissory note of the Corporation of $552,000.00 to the holder substantially in the form attached hereto as Exhibit A, along with a waiver of all dividend rights relating to the Dividend Period subsequent to March 30, 2013, the undersigned holder does hereby elect to convert 184 shares of 15% Series A1 Convertible Preferred Stock (“Series AI Preferred Stock”) into 1,159,200 shares of common stock of Arête Industries, Inc. Also, in consideration of the above, the undersigned also tenders back to the Company these 184 shares of Series A1 Preferred Stock, such shares to be cancelled.
| HOLDER | ||
| By: | Burlingame Equity Investors Master Fund, LP | |
| /s/ Blair Sanford | ||
| Name: | Blair Sanford | |
| Title: | Managing Member of General Partner | |
| Date: | June 28, 2013 | |
| ARÊTE INDUSTRIES, INC. | ||
| By: | /s/ Nicholas Scheidt | |
| Nicholas Scheidt, President | ||
| Date: | June 28, 2013 | |
