amending agreement Mart Resources Announces Amending Agreement
CALGARY, ALBERTA--(Marketwired - Feb. 18, 2016) - Mart Resources, Inc. (TSX:MMT) ("Mart" or the "Company") announces that further to its press release of January 22, 2016, San Leon Energy Plc ("San Leon"), Midwestern Oil & Gas Company Limited, 1038221 B.C. Ltd. ("Acquireco") and Mart have mutually agreed, pursuant to the terms of an amending agreement (the "Amending Agreement"), to amend the terms of the arrangement agreement (the "Arrangement Agreement") dated January 21, 2016 to extend the obligation of Acquireco to deposit into escrow the purchase price to be paid to Mart shareholders and certain transaction costs until February 24, 2016.
The Amending Agreement also grants San Leon an extension for the completion of the San Leon financing, a process which San Leon has announced is well advanced in its press release dated February 18, 2016. Other than certain corresponding date changes, all other material terms of the Arrangement Agreement remain unchanged. A copy of the Amending Agreement will be filed later today under the Company's profile on SEDAR at www.sedar.com.
Mart's special meeting of shareholders and optionholders is scheduled to occur at the Calgary Petroleum Club, 319 Fifth Avenue S.W., Calgary, Alberta on March 3, 2016 at 9:00 a.m. (Calgary time). Proxy Materials have now been mailed to all shareholders and optionholders of record on February 2, 2016.