Valeura gets approval for Onoc finder's fee
Valeura Energy Inc (C:VLE)
Shares Issued 198,327,621
Last Close9/8/2010
.36
Thursday September 09 2010 - News Release
Mr. Jim McFarland reports
VALEURA ANNOUNCES PAYMENT OF FINDERS' FEE FOR JOINT VENTURE INTURKEY
By news release in Stockwatch dated Sept. 2, 2010, ValeuraEnergy Inc. announced the execution of a farmout agreement with Aladdin MiddleEast Ltd. and Guney Yildizi Petrol Uretim Sondaj, Muteahhitlik ve Ticaret A.S.,two affiliated oil and gas exploration and production companies operating inTurkey and controlled by the Turkey-based Sayer Group. Valeura is pleased toannounce that it has received TSX Venture Exchange ("TSXV") approval for thefinders' fees associated with the Agreement.
Valeura was assisted in securing the Agreement by ONOCResources Inc. ("ONOC"), an arm's length Calgary-based company with extensivebusiness relationships in Turkey. Under the consulting services agreement withONOC, Valeura agreed to pay ONOC a success fee equal to 1.5% of the deal valuewhich is payable in common shares of Valeura (subject to the approval of theTSXV). Valeura received conditional TSXV approval on September 7, 2010.Accordingly, based on a deal value of US$ 8,800,000 (the minimum earningexpenditures set forth in the Agreement), and after deducting the Cdn$ 40,000work fee which Valeura has already paid to ONOC in cash, Valeura has issued anaggregate of 349,504 common shares to ONOC, at a deemed value of
.282 pershare, in full satisfaction of the finders' fee payable to date. The sharesissued to ONOC are freely tradeable and are not subject to a hold period.
ONOC may receive additional common shares of Valeura in thefuture if Valeura chooses to increase its earning expenditures under theAgreement and the corresponding deal value on which the Success Fee is paid toONOC (subject to approval of the TSXV and compliance with applicable securitieslaws).