TSXV:TFA.A - Post by User
Post by
MicBellanon Jan 17, 2012 9:52am
223 Views
Post# 19411411
Saskatchewan asset news
Saskatchewan asset news Trafina Agrees to Extend Closing Date of Sale of Southwest Saskatchewan Assets
CALGARY, ALBERTA--(Marketwire - Jan. 17, 2012) -
Trafina Energy Ltd. (TSX VENTURE:TFA.A) ("Trafina" or the "Company") and the proposed purchaser of the Company's entire working interest in its Rangeview and Divide assets located in southwest Saskatchewan (the "Properties") have agreed to extend the date of closing to on or before January 31, 2012. The extension requires the purchaser to pay an additional $50,000 non-refundable deposit to the Company by January 18, 2012 (failing which the purchase and sale will terminate). In addition to the deposit, closing remains subject to satisfaction of other conditions customary for transactions of this nature. If completed, proceeds from the sale (including adjustments) are anticipated to be approximately $1.9 million and will be used to pay down the Company's debt.