bluefire_8k-022409.htm
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 (Date of Earliest Event Reported) – February 24, 2009
Commission
File Number: 0001370489
BLUEFIRE
ETHANOL FUELS, INC.
(Exact
name of registrant as specific in its charter)
|
NEVADA
|
20-4590982
|
|
(State
of Incorporation)
|
(I.R.S.
Employer I.D. No.)
|
31
MUSICK
IRVINE,
CALIFORNIA 92618
(Address
of principal executive offices, including zip code)
(949)
588-3767
(Registrant's
telephone number, including area code)
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)
[_]
Precommencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[_]
Precommencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
ITEM
1.01. Entry into a Material Definitive Agreement.
On
February 24, 2009 Bluefire Ethanol Fuels, Inc. (the “Company”) entered into a
Revolving Line of Credit (the “Line of Credit”) with Arkenol, Inc. (the
“Lender”) a related party.
The Line
of Credit is for a maximum principal amount of five hundred seventy thousand
($570,000) dollars with an annual interest rate of six (6%) percent compounded
annually and paid quarterly. The Company may from time to time in its
sole discretion draw down up to the maximum five hundred seventy thousand
($570,000) dollars.
The
Company has promised to pay in full the outstanding principal balance of any
amounts due under the Line of Credit within thirty (30) days of the Company’s
receipt of investment financing, in the amount of at least two million
($2,000,000) dollars. The financing must provide for at least one
million five hundred thousand ($1,500,000) dollars for general working capital
and/or general corporate purposes. The Lender at its option may
require all outstanding sums due on the Line of Credit to become immediately due
and payable as a condition precedent to any transaction effecting a change of
control of the Company. Any monies not paid within thirty (30) days
of the due date will be subject to a late charge in the amount of ten (10%) of
the entire remaining unpaid balance at the time of delinquency under the Line of
Credit.
The
Company’s Chief Executive Officer, Chairman of the Board of Directors and
majority stockholder Arnold Klann, holds a 25.5% interest in the
Lender.
ITEM
2.03. Creation of a Direct Financial Obligation.
See Item
1.01
ITEM
9.01 EXHIBITS
(d)
Exhibits
10.1 Revolving
Line of Credit Agreement.
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 thereto
duly authorized.
|
|
BlueFire
Ethanol Fuels, Inc.
|
|
|
|
|
|
|
|
Date:
March 6, 2009
|
By:
|
/s/ Arnold
Klann
|
|
|
|
|
Arnold
Klann
|
|
|
|
|
Chief
Executive Officer, Director
|
|
|
|
|
|
|