Post by
MSvanton on May 30, 2018 12:14am
Financials from today
18. Subsequent events Acquisition On March 21, 2018 the Corporation entered into an asset purchase agreement to acquire producing oil and natural gas wells in Southwest Saskatchewan and Eastern Alberta (the “Assets”) from arm's length vendors for cash consideration of $4,500,000 (the “Agreement”). The Corporation is the lead on the transaction, but is supported by an arm's-length private Corporation participant (the “Participant”) who will be responsible for 80% of the purchase price. The Corporation will assign its rights and obligations under the Agreement to the Participant and in exchange will be the operator of the Assets for a minimum period of 18 months from the date of closing and shall have a 20% working interests in the Assets. The Corporation will have an option to acquire 10% of the Assets for $1,250,000 within 18 months from the date of the Agreement.
To finance the Corporation’s obligations under the agreement, the Corporation launched a non-brokered share private placement of 18,000,000 Common Shares at a price of $0.05 per share for aggregate gross proceeds of up to $900,000.
On May 28, 2018 the Offering was over subscribed by 1,700,00 shares. Gross proceeds from the private placement are $ 985,000. A finders fee in cash was paid totalling $74,406 and in shares 120,000. Closing of the acquisition is on June 11, 2018
Once again - deal is done - BIG MONEY COMING THIS WAY - GL ALL
Comment by
kingdaddymack on May 30, 2018 1:53am
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