newsRegent says AAA Capital not financing McCallan
Regent Ventures Ltd (C:REV)
Shares Issued 54,796,596
Last Close 8/30/2006 $0.45
Thursday August 31 2006 - News Release
Mr. Douglas Eacrett reports
UPDATE ON MCCALLAN OIL & GAS (UK) LTD.
Regent Ventures Ltd., further to Stockwatch's report of June 22, 2006, as part of AAA Capital Energy AG seeking and obtaining an extension from April 30, 2006, to July 31, 2006, for providing $20-million (U.S.) in development financing to McCallan Oil & Gas (UK) Ltd. to earn an equity interest in McCallan, AAA, through a third party, transferred $2-million (U.S.) in equity securities to Hans Dietmann, the vendor of the shares of McCallan, as part of its agreed payment. In consideration of the payment, Mr. Dietmann agreed to issue a 10-per-cent interest in McCallan to AAA.
Subsequently, and prior to the July 31, 2006, deadline, AAA advised Mr. Dietmann that due to the continuation of the organizational problems experienced by AAA, they would not be in a position to proceed with the $20-million (U.S.) development financing by July 31, 2006. Both parties then agreed to terminate their agreement. As a result, McCallan is currently pursuing other avenues to secure the development financing for its oil and gas and coal bed methane interests in Poland.