Oildigger Resources Fund I, LLLP is suitable for accredited investors only. To be an accredited investor you need to meet one of the following criteria:
The Purchaser is a natural person whose individual net worth, or joint net worth with his or her spouse, exceeds $1,000,000. In calculating net worth, the Purchaser may include equity in personal property and real estate, cash, short-term investments, stock and securities. Equity in personal property and real estate (other than principal residence) should be based on the fair market value of such property less debt secured by such property. The Purchaser must exclude the value of his or her principal residence. The value of the principal residence should be calculated as the fair market value of the residence, less any debt secured by such residence. To the extent that the amount of debt secured by the primary residence exceeds the fair market value of such residence, this excess amount of debt should be considered a liability for purposes of calculating net worth. If, within the 60-day period ending on the date hereof, the Purchaser has borrowed money using his or her principal residence as security, the Purchaser must exclude the loan proceeds from his or her net worth.
The Purchaser is a natural person who had income in excess of $200,000 in each of the two calendar years immediately preceding the current year, or joint income with his or her spouse in excess of $300,000 in each of those years (in each case including foreign income, tax exempt income and full amount of capital gains and losses but excluding any income of other family members and any unrealized capital appreciation) and has a reasonable expectation of reaching the same income level in the current year.
The Purchaser is a bank, a savings and loan association, insurance company, registered investment company, registered business development company, licensed small business investment company, or employee benefit plan within the meaning of Title 1 of ERISA and (a) the investment decision is made by a plan fiduciary which is either a bank, savings and loan association, insurance company or registered investment adviser, or (b) the plan has total assets in excess of $5,000,000 or is a self-directed plan with investment decisions made solely by persons that are accredited investors.
The Purchaser is a private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940, as amended.
The Purchaser is a corporation, partnership, limited liability company, Massachusetts or similar business trust, or non-profit organization within the meaning of Section 501(c)(3) of the Code, in each case not formed for the specific purpose of acquiring an LP Units and with total assets in excess of $5,000,000.
The Purchaser is an employee benefit plan established and maintained by a state, its political subdivisions or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, which has total assets in excess of $5,000,000.
The Purchaser is a trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring an LP Units, where the purchase is directed by a “sophisticated person” as defined in Rule 506 (b)(2)(ii) promulgated under the Securities Act.
The Purchaser is a revocable grantor trust whose grantor is an “accredited investor” (as such term is defined in Rule 501(a) promulgated under the Securities Act) within one or more of the above categories. If relying upon this category alone, the grantor of the Purchaser shall provide such additional representations as may be requested by the Partnership.
The Purchaser is an entity all the equity owners of which are “accredited investors” (as such term is defined in Rule 501(a) promulgated under the Securities Act) within one or more of the above categories. If relying upon this category alone, each equity owner of the Purchaser shall provide such additional representations as may be requested by the Partnership.