UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: June 5, 2007
Sovereign Exploration Associates International, Inc.
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(Exact name of registrant as specified in its charter)
Utah |
333-29903 |
30-0123229 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Identification No.) |
503 Washington Avenue, Suite 2D
Newtown, PA 18940
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(Address of principal executive offices) (Postal Code)
Registrant's telephone number, including area code: (215) 968-0200
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Items to be reported on:
Section 1 - Registrant's Business and Operations
Item 1.01 Entry into a Material Definitive Agreement
Section 2 - Financial Information
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet-Arrangement of a Registrant
On June 1, 2007, the Company executed a Promissory Note under which the Company borrowed $1,000,000 from Silverman partners, LLC. and Hochstin Investments. The Note is payable six months from the date of the Note, unless converted, at the option of the noteholder, into shares of Common Stock of the Company. At the Maturity Date of the Note, the Holders shall be entitled to purchase 250,000 shares of common stock of the Company at a price of $.20 per share. The Holders will also be entitled to purchase an additional 250,000 shares of common stock of the Company at the closing price of the Company stock as reported on the OTCBB on the Closing Date. These shares must be exercised within one year from the Closing Date.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: June 6, 2007 SOVEREIGN EXPLORATION ASSOCIATES INTERNATIONAL, INC.
/s/ Robert D. Baca
By: Robert D. Baca
President, CEO and Director