Nail in coffin
extremely bad news.
MIRA RECEIVES SERVICE PROVIDER DEFAULT NOTICE
Mira Resources Corp. has received a default notice from Associated Oil and Gas Services Ltd. and Dansaki Petroleum Ltd. under the terms of Mira's joint operating agreement (JOA) with Associated and Dansaki. Mira acts as service provider under the JOA. The default notice does not comply with the default provisions of the JOA, but Mira has acknowledged receipt of the notice and is trying to work within the terms of the JOA to address the current concerns of Associated and Dansaki.
On March 22, 2013, Mira announced its intention to develop the Tom Shot Bank field to production and to secure a non-brokered private placement of $5-million. This financing will allow Mira to advance the next steps toward its ultimate goal of field production. Mira has been securing subscriptions for this financing; however, challenging conditions in the venture markets have caused delay in closing on the full amount of the financing. Mira will continue to provide updates on the progress of its financing and the status of its contractual position with Associated and Dansaki.