<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D/A
UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 2)*
NORTH AMERICAN TECHNOLOGIES GROUP, INC.
(NAME OF ISSUER)
COMMON STOCK, $.001 PAR VALUE PER SHARE
(TITLE OF CLASS OF SECURITIES)
657193-10-8
(CUSIP NUMBER)
ROBERT H. CHANEY
R. CHANEY & PARTNERS-1993 L.P.
909 FANNIN, SUITE 1275
TWO HOUSTON CENTER
HOUSTON, TEXAS 77010-1006
(713) 753-1315
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON
AUTHORIZED TO RECEIVE NOTICES AND COMMUNICATIONS)
MARCH 5, 1998
(DATE OF EVENT WHICH REQUIRES FILING
OF THIS STATEMENT)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check
the following box. [ ]
NOTE: Schedules filed in paper format shall include an original and five
copies of this schedule, including all exhibits. See Section 240.13d-17(d)
for other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
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CUSIP NO. 657193-10-8 SCHEDULE 13D
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(1) Names of Reporting Persons/S.S. or I.R.S. Identification Nos. of Above
Persons
R. CHANEY & PARTNERS-1993 L.P.
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(2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [x](1)
(b) [ ]
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(3) SEC Use Only
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(4) Source of Funds (See Instructions) OO (See Item 3)
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(5) Check Box if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) [ ]
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(6) Citizenship or Place of Organization R. CHANEY & PARTNERS-1993 L.P.
IS A LIMITED PARTNERSHIP FORMED
UNDER THE LAWS OF THE STATE OF
TEXAS.
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(7) Sole Voting Power 0
----------------------------------------------
Number of Shares
Beneficially (8) Shared Voting Power 2,963,785(2)
Owned By ----------------------------------------------
Each
Reporting (9) Sole Dispositive Power 0
Person With ----------------------------------------------
(10) Shared Dispositive Power 2,963,785(2)
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
2,963,785(3)
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(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [x] (3)
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(13) Percent of Class Represented by Amount in Row (11) 9.10%(3)
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(14) Type of Reporting Person (See Instructions) PN
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(1) R. Chaney & Partners-1993 L.P., its sole general partner, R. Chaney &
Co. Inc. and the general partner's sole shareholder, Robert Chaney, have a
limited relationship with other Investors as described in Items 4, 5, and 6.
(2) Voting and dispositive power is shared among the Partnership, the
General Partner, and the Sole Shareholder (as herein defined).
(3) Based on 31,318,726 shares of Common Stock believed to be issued and
outstanding as of January 29, 1998, plus the 1,250,000 additional shares of
Common Stock issuable upon exercise of the Warrant (defined in Item 3). If the
relationships described in Items 4, 5, and 6 constitute a group for purposes of
Rule 13d-5 of the Act, then the group may collectively own an aggregate of
26,137,922 out of 55,742,863 shares or 46.9 percent of the Common Stock based
on the conversion and calculation procedures described in Item 5(a)'s The
Partnership. The Partnership, the General Partner and the Sole Shareholder
disclaim any beneficial ownership of the other Investors' (defined in Item 6)
shares and only claim beneficial ownership of the above-mentioned 2,963,785
shares. Please see Item 5.
Page 2 of 8
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CUSIP NO. 657193-10-8 SCHEDULE 13D
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(1) Names of Reporting Persons/S.S. or I.R.S. Identification Nos. of Above
Persons
R. CHANEY & CO., INC.
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(2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [x](1)
(b) [ ]
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(3) SEC Use Only
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(4) Source of Funds (See Instructions) OO (See Item 3)
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(5) Check Box if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) [ ]
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(6) Citizenship or Place of Organization R. CHANEY & CO., INC. IS A
CORPORATION ORGANIZED UNDER THE
LAWS OF THE STATE OF TEXAS.
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(7) Sole Voting Power 0
----------------------------------------------
Number of Shares
Beneficially (8) Shared Voting Power 2,963,785(2)
Owned By ----------------------------------------------
Each
Reporting (9) Sole Dispositive Power 0
Person With ----------------------------------------------
(10) Shared Dispositive Power 2,963,785(2)
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person 2,963,785(3)
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(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [x](3)
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(13) Percent of Class Represented by Amount in Row (11) 9.10%(3)
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(14) Type of Reporting Person (See Instructions) CO
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(1 ) R. Chaney & Partners-1993 L.P., its sole general partner, R. Chaney &
Co. Inc. and the general partner's sole shareholder, Robert Chaney, have a
limited relationship with other Investors as described in Items 4, 5, and 6.
(2) Voting and dispositive power is shared among the Partnership, the
General Partner, and the Sole Shareholder (as herein defined).
(3) Based on 31,318,726 shares of Common Stock believed to be issued and
outstanding as of January 29, 1998, plus the 1,250,000 additional shares of
Common Stock issuable upon exercise of the Warrant (defined in Item 3). If the
relationships described in Items 4, 5, and 6 constitute a group for purposes of
Rule 13d-5 of the Act, then the group may collectively own an aggregate of
26,137,922 out of 55,742,863 shares or 46.9 percent of the Common Stock based
on the conversion and calculation procedures described in Item 5(a)'s The
Partnership. The Partnership, the General Partner and the Sole Shareholder
disclaim any beneficial ownership of the other Investors' (defined in Item 6)
shares and only claim beneficial ownership of the above-mentioned 2,963,785
shares. Please see Item 5.
Page 3 of 8
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CUSIP NO. 657193-10-8 SCHEDULE 13D
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(1) Names of Reporting Persons/S.S. or I.R.S. Identification Nos. of Above
Persons
ROBERT H. CHANEY
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(2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [x](1)
(b) [ ]
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(3) SEC Use Only
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(4) Source of Funds (See Instructions) OO (See Item 3)
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(5) Check Box if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e) [ ]
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(6) Citizenship or Place of Organization ROBERT H. CHANEY IS A CITIZEN OF
THE UNITED STATES.
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(7) Sole Voting Power 0
Number of Shares ----------------------------------------------
Beneficially
Owned By (8) Shared Voting Power 2,963,785(2)
Each ----------------------------------------------
Reporting
Person With (9) Sole Dispositive Power 0
----------------------------------------------
(10) Shared Dispositive Power 2,963,785(2)
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
2,963,785(3)
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(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) [x](3)
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(13) Percent of Class Represented by Amount in Row (11) 9.10%(3)
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(14) Type of Reporting Person (See Instructions) IN
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(1) R. Chaney & Partners-1993 L.P., its sole general partner, R. Chaney &
Co. Inc. and the general partner's sole shareholder, Robert Chaney, have a
limited relationship with other Investors as described in Items 4, 5, and 6.
(2) Voting and dispositive power is shared among the Partnership, the
General Partner, and the Sole Shareholder (as herein defined).
(3) Based on 31,318,726 shares of Common Stock believed to be issued and
outstanding as of January 29, 1998, plus the 1,250,000 additional shares of
Common Stock issuable upon exercise of the Warrant (defined in Item 3). If the
relationships described in Items 4, 5, and 6 constitute a group for purposes of
Rule 13d-5 of the Act, then the group may collectively own an aggregate of
26,137,922 out of 55,742,863 shares or 46.9 percent of the Common Stock based
on the conversion and calculation procedures described in Item 5(a)'s The
Partnership. The Partnership, the General Partner and the Sole Shareholder
disclaim any beneficial ownership of the other Investors' (defined in Item 6)
shares and only claim beneficial ownership of the above-mentioned 2,963,785
shares. Please see Item 5.
Page 4 of 8
<PAGE> 5
The Schedule 13D filed by R. Chaney & Partners-1993 L.P. (the
"Partnership"), R. Chaney & Co., Inc. (the "General Partner") and Robert H.
Chaney (the "Sole Shareholder") with the Securities and Exchange Commission
("SEC") on May 27, 1997, and amended by Amendment No. 1 thereto filed with the
SEC on April 30, 1997, is hereby amended as follows:
ITEM 1. SECURITY AND ISSUER
No modification.
ITEM 2. IDENTITY AND BACKGROUND
No. modification.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
No modification.
ITEM 4. PURPOSE OF TRANSACTION
No modification.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
Item 5 is hereby amended and restated as follows:
Item 5(a)
The Partnership. The Partnership beneficially owns (1) a warrant to
purchase 1,250,000 shares of Common Stock (at an exercise price per share of
$1.00) and (2) 1,713,785 shares of Common Stock.(4) The number of outstanding
shares of Common Stock for purposes of this Schedule 13D is 32,568,726
shares.(5) The Partnership is deemed to beneficially own 2,963,785 shares out
of the outstanding shares, or 9.10 percent, of the Common Stock.
The General Partner. The General Partner as the sole general partner
of the Partnership may be deemed to be the beneficial owner of all 2,963,785
shares of Common Stock beneficially owned by the Partnership that constitute
approximately 9.10 percent of the outstanding shares of Common Stock.
Sole Shareholder. The Sole Shareholder of the General Partner of the
Partnership may be deemed to be the beneficial owner of all 2,963,785 shares of
Common Stock beneficially
- ---------------------------------
(4) On December 15, 1997, the Partnership converted 13, 754.07 shares of
Series F Preferred Stock (defined in Item 3) into 1,612,569 shares of Common
Stock, and 2,500 shares of Series G Preferred Stock (defined in Item 3) into
561,716 shares of Common Stock.
(5) Based on 31,318,726 shares of Common Stock believed to be issued and
outstanding as of January 29, 1998, plus the 1,250,000 additional shares of
Common Stock issuable upon exercise of the Warrant.
Page 5 of 8
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owned by the Partnership that constitute approximately 9.10 percent of the
outstanding shares of Common Stock.
Executive Officers and Director of the General Partner. Except as
otherwise described herein, none of the executive officers or directors of the
General Partner own any of the Issuer's Common Stock.
Certain Relationships. The Partnership, the General Partner, and the
Sole Shareholder have a limited relationship with the other Investors to the
extent of the above-described provisions of the Voting Agreement. Such
relationships may constitute a group for the purpose of Rule 13d-5. Except as
otherwise described here in and to the Partnership's, the General Partner's,
and the Sole Shareholder's best knowledge, the Investors collectively may own
an aggregate of 26,137,922 out of 55,742,863 shares or 46.9 percent of the
Common Stock based on the conversion and calculation procedures described in
this Item 5(a)'s The Partnership. Because of the limited nature of their
relationship to the Investors, each of the Partnership, the General Partner,
and the Sole Shareholder disclaims any beneficial ownership of the other
Investors' shares and only claim beneficial ownership of the above-mentioned
2,963,785 shares.
Item 5(b)
The Partnership, the General Partner and the Sole Shareholder share
voting and dispositive power of these 2,963,785 shares. As stated above, the
Partnership, the General Partner, and the Sole Shareholder disclaim any
beneficial ownership or shared voting or dispositive power of the other
Investors' shares.
Page 6 of 8
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Item 5(c)
The Partnership effected the following sales of Common Stock in open
market transactions on the Nasdaq National Market:
<TABLE>
<CAPTION>
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Date Number of Shares Price Per Share
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<S> <C> <C>
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1/21/98 7,500 $.24
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1/23/98 42,500 .21
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1/26/98 113,000 .24
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1/28/98 6,500 .24
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1/29/98 33,000 .21
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1/30/98 4,000 .24
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2/2/98 7,000 .24
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2/3/98 10,000 .24
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2/4/98 11,000 .24
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2/25/98 10,000 .19
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2/27/98 80,000 .18
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3/5/98 85,000 .15
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3/6/98 40,000 .15
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3/9/98 10,500 .15
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</TABLE>
Item 5(d)
No person other than the Partnership, the General Partner, or the Sole
Shareholder has the right to receive or the power to direct the receipt of
dividends from, or the proceeds from the sale of, Common Stock of the Issuer
with respect to which this filing is made.
Item 5(e)
Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER
No modification.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
No modification.
Page 7 of 8
<PAGE> 8
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
March 13, 1998
R. CHANEY & PARTNERS-1993 L.P.
By: R. CHANEY & CO., INC., General Partner
By: /s/ Robert H. Chaney
-------------------------------------
Robert H. Chaney,
President and Chief Executive Officer
R. CHANEY & CO., INC.
By: /s/ Robert H. Chaney
----------------------------------------------
Robert H. Chaney,
President and Chief Executive Officer
/s/ Robert H. Chaney
------------------------------------------------------
Robert H. Chaney,
Sole Shareholder of R. Chaney & Co., Inc.
Page 8 of 8
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INDEX TO EXHIBITS
Exhibit No. Description
10.1 Joint Reporting Agreement dated as of July
15, 1996 by and among R. Chaney Partners-
1993 L.P., R. Chaney & Co., Inc., and Robert
H. Chaney (incorporated by reference to
Schedule 13D filed by the reporting persons
on July 23, 1996).
