Petroleum Africa
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Sunday, February 28, 2016
In a move that is reminiscent of deals in the past, Mart Resources announced a further extension to the agreement between it, San Leon Energy, Midwestern Oil & Gas Company Ltd, 1038221 B.C. Ltd. (Acquireco). The companies have mutually agreed, pursuant to the terms of a second amending agreement, to amend the terms of the arrangement agreement dated January 21, as amended on February 17 to extend the obligation of Acquireco to deposit into escrow the purchase price to be paid to Mart shareholders and certain transaction costs until March 1.
The Second Amending Agreement also grants San Leon an extension for the completion of the San Leon financing, a process that San Leon has announced has advanced considerably over the last week. Other than certain corresponding date changes, all other material terms of the Arrangement Agreement remain unchanged.
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