rt further extends deposit payment date to March 21
2016-03-09 10:51 ET - News Release
Mr. Dmitri Tsvetkov reports
MART RESOURCES ANNOUNCES FURTHER AMENDING AGREEMENT
Further to its prior press releases, San Leon Energy PLC, Midwestern Oil & Gas Company Ltd., 1038821 B.C. Ltd. (Acquireco) and Mart Resources Inc. have mutually agreed, pursuant to the terms of a fourth amending agreement, to amend the terms of the arrangement agreement dated Jan. 21, 2016, as amended, to extend the obligation of Acquireco to deposit into escrow the purchase price to be paid to Mart shareholders and certain transaction costs until 5 p.m. (Calgary time) on Monday, March 21, 2016. The outside date for the completion of the transaction has been extended to March 24, 2016. The fourth amending agreement also grants San Leon an extension for the completion of the San Leon financing.
In consideration of the granting of the extension, Midwestern has agreed to deposit $1-million (U.S.) in cash with Mart as a deposit towards San Leon's obligations under the arrangement agreement. Other than certain corresponding date changes, all other material terms of the arrangement agreement remain unchanged. A copy of the fourth amending agreement will be filed under the company's profile on SEDAR.
We seek Safe Harbor.