Elite Group, Inc. (OTC Pink: ELTZ) operates as an oilfield construction and waste water recycling company. Shares of the oil & gas services provider are surging 66.67%, through early trading on Wednesday, December 13, 2017. Over the past month, Elite Group, Inc. has seen average daily volume of 10.7 million shares. However, volume of 71.39 million shares or dollar volume of $107,085, has already exchanged hands on the day.
Shares of Elite Group, Inc. are jumping today, after the company filed an 8-K form detailing of signing a $1 million term sheet with Utica Leaseco. The financing will assist the company in building out its oilfield construction equipment business and should be closed by the end of the year. Furthermore, management announced that Mammoth Corp. has agreed to purchase all of the company’s remaining convertible debt. Here is part of the 8-K form detailing of the term sheet and convertible debt purchase:
Elite Group, Inc. 8-K Filing:
Item 2.01 Completion of Acquisition or Disposition of Assets
On November 16, 2017 Elite Group Inc signed a term sheet with Utica Leaseco for over $1 million in financing for oilfield construction equipment with closing schedule by the end of year.
In addition, Mammoth Corp has agreed to purchase all remaining convertible notes.
Here is the link to the full 8-K filing: https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12427261