Bankruptcy or Receivables (Form 8-K)

Item 1.03
Bankruptcy or Receivership
 On October 6, 2021 (the "Petition Date"), Fortem Resources Inc. (the "Company"
or the "Debtor") filed a voluntary petition (the "Chapter 11 Petition") under
chapter 11 of the United States Bankruptcy Code (the "Bankruptcy Code") in the
United States Bankruptcy Court for the District of Nevada (the "Bankruptcy
Court"). The Debtor's chapter 11 case is captioned "In re Fortem Resources Inc."
and was assigned case number BK-21-14823-nmc (the "Chapter 11 Case").
The Debtor intends to continue to operate its business as a
"debtor-in-possession" under the jurisdiction of the Bankruptcy Court and in
accordance with the applicable provisions of the Bankruptcy Code and orders of
the Bankruptcy Court.
The Company anticipates seeking approval of the Bankruptcy Court to approve a
debtor-in-possession credit facility in an aggregate principal amount that has
not yet been determined (the "DIP Financing") and to set a timeline for the
Chapter 11 Case, culminating in a plan of reorganization (the "Plan of
Reorganization") that is currently being negotiated.  The Company anticipates
filing additional Current Reports on Form 8-K once the DIP Financing and Plan of
Reorganization have been finalized and signed.
Item 2.04
Triggering Events That Accelerate or Increase a Direct Financial Obligation or
an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.
Pursuant to Section 362 of the Bankruptcy Code, the filing of the Chapter 11
Petition automatically stayed most actions against the Debtor, including actions
to collect indebtedness incurred prior to the Petition Date or to exercise
control over the Debtor's property. Subject to certain exceptions under the
Bankruptcy Code, the filing of the Chapter 11 Petition also automatically stayed
the continuation of most legal proceedings or the filing of other actions
against or on behalf of the Debtor or its property to recover on, collect or
secure a claim arising prior to the Petition Date or to exercise control over
property of the Debtor's bankruptcy estates, unless and until the Bankruptcy
Court modifies or lifts the automatic stay as to any such claim. Notwithstanding
the general application of the automatic stay described above, governmental
authorities may determine to continue actions brought under their regulatory
Item 3.01
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard;
Transfer of Listing.
The OTC Pink Open Market also halted trading in the Company's common stock on
October 7, 2021.
The Company's common stock remains suspended pending a review of the eligibility
for continued listing of the Company's common stock on the NEX Exchange in
Item 7.01
Regulation FD Disclosure.
On October 18, 2021, the Company issued a news release in connection with the
filing of the Chapter 11 Petition. A copy of the press release is attached
hereto as Exhibit 99.1 and is incorporated by reference herein.
Court filings and other documents related to the court-supervised process are
available at electronically through the Bankruptcy Court's CM/ECF system at (PACER account required), or by sending an email to
the Company's bankruptcy counsel, Fox Rothschild, LLP, at
[email protected]
The information furnished in this Item 7.01 of this Current Report on Form 8-K
and the news release attached hereto as Exhibit 99.1 shall not be deemed "filed"
for the purposes of Section 18 of the Securities Exchange Act of 1934, as
amended, or otherwise subject to the liabilities of such section, and shall not
be deemed to be incorporated by reference into the filings of the Company under
the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934,
as amended.
Item 9.01
Financial Statements and Exhibits.
(d)      Exhibits
Exhibit No. Description
99.1          News Release of Fortem Resources Inc. dated October 18, 2021.


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