RE: RE: FinancingTry to keep up. They have all the money they need until drilling starts and that won't happen until next year. Even then they will only need $6 million.
Centric Energy has 18.75 million warrants exercised
2010-09-15 16:37 ET - News Release
Mr. Alec Robinson reports
CENTRIC ENERGY COMPLETES WARRANT EXERCISE
Further to a Stockwatch press release dated Aug. 23, 2010, givingnotice of the acceleration of the expiry date for the 18.75 millionwarrants issued in March, 2010, a total of 18.45 million Centric Energywarrants have been exercised for aggregate proceeds of $2,214,000. Theremaining unexercised warrants have expired.
Pursuant to the agreements, Tullow will earn a 50 percentparticipating interest in the PSC and will assume operatorship inreturn for:
-- reimbursing 50 per cent of Centric Energy's acquisition costs for the
PSC which total approximately US$750,000;
-- paying 80 per cent of the first US$30 million of expenditures under the
PSC; and
-- assuming 80 per cent of the bank guarantees and parent company
guarantees during the period in which it is paying 80 per cent of the
expenditures under the PSC.