Kaden Energy Ltd. and Beta Energy Corp. (BTAEF:OTC)

Kaden Energy Ltd. and Beta Energy Corp. were placed in court-appointed receivership in Alberta on February 13, 2025 under section 243 of the BIA and provincial Judicature Act authority; the proceeding is now recorded as closed. The senior secured creditor, Apex Opportunities Fund Ltd., had purchased convertible notes on November 15, 2024 for $4,025,200 under an August 23, 2024 Convertible Note Agreement permitting up to $12,000,000 in aggregate principal, and issued a default notice and demand on January 29, 2025 for $4,103,997.26 plus continuing interest and fees. Apex held a general security agreement from both debtors, a Kaden guarantee and a Kaden debenture over personal and real property and oil and gas interests, registered at the Alberta and British Columbia personal property registries on November 19, 2024. Beta repaid $1,500,000 before the appointment date, leaving Apex owed approximately $2.5 million plus accruing interest and fees as at the receiver's March 18, 2025 report. Apex supported the sale and investment solicitation process and was consulted on the key employee retention plan, whose payments were conditional on Apex being repaid in full.