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Hemlo Mining Corp. — Regulatory Filings 2021
Feb 3, 2021
46360_rns_2021-02-03_e6f3c64a-cff6-4964-9d5b-482546bea01b.pdf
Regulatory Filings
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MATERIAL CHANGE REPORT
Item 1 – Name and Address of Company
Cub Energy Inc. (” Cub” ) 952 Echo Lane Suite. 375 Houston, TX 77024
Item 2 – Date of Material Change
February 1, 2021
Item 3 – News Release
A news release dated February 3, 2021, was issued through Accesswire on February 3, 2021.
Item 4 – Summary of Material Change
Cub announced the sudden passing of its Chief Executive Officer, Mikhail Afendikov, and new officer appointments. Cub also entered into an amending loan agreement with Pelicourt Limited (“Pelicourt”).
Item 5 – Full Description of Material Change
5.1 Full Description of Material Change
Cub announced the sudden passing of its Executive Chairman, President, Chief Executive Officer and founder, Mikhail Afendikov, on February 1, 2021. The Board of Cub has appointed Patrick McGrath as Interim Chief Executive Officer to oversee daily operations and Eugene Chaban as Interim Chief Financial Officer. Mr. McGrath was previously the Chief Financial Officer of Cub. John Booth, a current director of Cub, has been appointed Chairman of the Board. The appointments are subject to regulatory approval.
Mr. Chaban has been working with Cub in a management position since 2014 and most recently has been in charge of the Ukraine gas trading business. Mr. Chaban was previously the Controller and Deputy Chief Financial Officer of Ukraine-based oil and gas companies and was a Senior Auditor with KPMG.
Before the untimely passing of Mr. Afendikov, Cub reached an agreement on January 22, 2021 with Pelicourt, for which Mr. Afendikov was the majority shareholder, on the extension of the shareholder loan that was otherwise due on January 31, 2021. Under the new terms, the interest remains unchanged at 10.8% and the loan was extended by three years to March 31, 2024. The repayment of the facility will be $150,000 per quarter with the first payment made on January 27, 2021. The current balance of the loan is $1,650,000. The loan can be called at any time with 60 days written notice.
Item 6 – Reliance on subsection 7.1(2) of National Instrument 51-102
Not applicable.
Item 7 – Omitted Information
Not applicable.
Item 8 – Executive Officer
Patrick McGrath Chief Executive Officer (713) 577-1948
Item 9 – Date of Report
February 3, 2021
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