Regent Ventures Ltd RGVNF

Regent to extend McCallan sale

[gaston99]

Regent Ventures to extend McCallan sale

2011-02-22 15:49 ET - News Release

Mr. Richard Wilson reports

RegentVentures Ltd. has entered into an agreement to extend the closing onthe sale of its 45 per cent interest in McCallan Oil & Gas (U.K.)Inc. to EuroGas Inc. and to revise the terms for completing theacquisition.Pursuant to the terms of this amending agreement, at closing, EuroGaswill:

• Issue to Regent, 20 million shares in the capital of EuroGas in lieu of the payment of $3-million in cash;
• Issue to Regent two million free trading shares in the capital of EuroGas with respect to previous extensions granted;
• Issue to Regent 2.5 million shares in the capital of EuroGas to purchase the 1 per cent overriding royalty held by Regent over McCallan's 24 per cent interest in the Polish oil project.

The 20 million shares and the 2.5 million shareswill be subject to the usual regulatory hold periods. EuroGas has agreedto provide, in irrevocable form, at closing, all documents necessary tohave the restriction from trading removed from the shares on completionof the regulatory hold period.

Closing under the agreement is targeted for March 10, 2011.