Petroleum Africa
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Thursday, March 10, 2016
Mart Resources, San Leon Energy Plc,, Midwestern Oil & Gas Company Ltd., and 1038821 B.C. Ltd. have mutually agreed, pursuant to the terms of a fourth amending agreement, to amend the terms of the arrangement agreement dated January 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 March 21.
The outside date for the completion of the transaction has been extended to March 24. 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 $1.0 million 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.
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