CALGARY, ALBERTA--(Marketwired - Dec. 14, 2015) - Mart Resources, Inc. (TSX:MMT) ("Mart" or the "Company") announces that, due to prevailing market and industry conditions, Mart and Delta Oil Nigeria B.V. ("Delta") have mutually agreed to terminate the arrangement agreement dated October 16, 2015 (the "Arrangement Agreement").
The Company and Delta have also mutually agreed that Delta will not proceed with the previously announced private placement of units, which was conditional upon shareholders first approving the Plan of Arrangement set out in the Arrangement Agreement.
Mart intends to continue to examine and consider strategic alternatives available to the Company to maximise shareholder value. FirstEnergy Capital of London, U.K. and Calgary, Canada continue to act as Mart's financial advisor in the strategic alternatives process.
Additional information regarding Mart is available on the Company's website at www.martresources.com and under the Company's profile on SEDAR at www.sedar.com.
Forward-Looking Statements and Risks
This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "guidance", "objective", "ongoing", "may", "will" and similar expressions are intended to identify forward-looking information or statements.
Mart believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct. The forward-looking information and statements included in this press release are not guarantees of future performance and should not be unduly relied upon. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements, including, without limitation certain other risks detailed from time to time in Mart's public disclosure documents. There is no assurance that Mart will be able to complete a suitable strategic alternative transaction with a third party.
The forward-looking information and statements contained in this press release speak only as of the date of this press release, and Mart does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.
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