Take your pick Stetson Enters Into Investment Agreement
Stetson Enters Into Investment Agreement
TORONTO, ONTARIO--(Marketwired - July 24, 2013) - Stetson Oil & Gas Ltd. (TSX VENTURE:SSN) has entered into an agreement (the "Agreement") with a private company ("Privateco") that is looking to evaluate and acquire interests in oil and gas exploration blocks onshore and offshore in Southeast Asia (the "Blocks").
In connection with the Agreement, Stetson will provide Privateco with USD$700,000 (the "Advance") and shall have first right in respect of a possible investment or conversion of the Advance into an interest in Privateco, once it has successfully secured an asset. In the event that Privateco acquires an asset and a definitive agreement between the parties is not executed prior to the expiry of the Agreement, or if the parties terminate the Agreement, Stetson shall immediately be reimbursed the Advance and shall also receive an additional fee as compensation for its role.
The term of the Agreement is for a period of 12 months, subject to extension or early termination as agreed among the parties