KMDC forfeits $650,000Petro One Energy Corp. (TSX VENTURE:POP)(FRANKFURT:C6K1) reports that KMDC Resources Ltd. ("Resources"), a subsidiary of Korea Myanmar Development Company Ltd. ("KMDC"), has forfeited 2,600,000 shares and 2,600,000 warrants to the Company pursuant to the arrangement described in the Company's November 3, 2014 news release. The shares and warrants were issued to Resources on October 7, 2014 for $650,000, which the Company will now retain for its general working capital purposes.
KMDC and Resources did not purchase or arrange for other persons to purchase 8,000,000 units having an aggregate subscription price of $2,000,000 by November 30, 2014 as they committed to do in early November. KMDC requested a further extension, but did not meet the Company's conditions for granting such an extension. Accordingly, KMDC and Resources are again in default of their contractual obligations to Petro One. However, by virtue of the arrangement announced on November 3, the Company's financial position has improved by $650,000. The Company has formally declined to grant any further extension to KMDC or Resources to meet their obligations to the Company.
https://www.marketwired.com/press-release/petro-one-update-on-financing-and-drilling-program-tsx-venture-pop-1972623.htm