Oromin Explorations Ltd OLEPF

Director's Circular- July 4, SEDAR

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Here is an interesting section from the circular:

The Board of Directors has constituted an independent committee of the Board of Directors (the “Special Committee”) to develop and evaluate value-maximizing alternatives. The Special Committee is
actively engaged in discussions with interested third parties and is soliciting offers for strategic transactions involving Oromin. A number of interested third parties have entered into confidentiality
agreements with Oromin and have been provided with access to an electronic dataroom for the purposes of undertaking due diligence. In addition, arrangements have been made, or are being made, for site
visits and management presentations. While it is impossible to predict whether any offers or transactions will emerge from discussions with third parties, these discussions demonstrate that Oromin is attractive to
other parties in addition to Teranga. The Special Committee also expects to engage Teranga for the purpose of obtaining an improved offer. Tendering Oromin Shares to the Teranga Offer before the 
Special Committee and its advisors have had an opportunity to explore available strategic alternatives may preclude the emergence of a superior offer from Teranga or an alternative transaction.