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Tuesday, November 3, 2009
Mart Resources, Inc. reported that it has terminated the Arrangement Agreement with Westfield Exploration and Production Ltd. and its wholly owned Canadian subsidiary, Westfield Oil Holding Ltd. due to Westfield’s failure to tender the cash consideration payable for Mart’s common shares as prescribed in the Arrangement Agreement.
Mart also confirms that it has repaid the outstanding principal amount of the $3.5 million convertible bridge loan advanced to Mart in late May and early June 2009. Mart has instructed Computershare Trust Company of Canada, its registrar and transfer agent, to return to security holders any Mart securities that were previously delivered to Computershare in anticipation of the closing of the Arrangement.
The deal between the two companies was near closing in August according to a statement released by Mart at the time, which superseded the letter of intent between Mart and Westoil Ltd., which was announced in Mart’s news release of May 27, 2009.
Mart currently believes that it has adequate cash and ongoing oil production revenue to meet its operating costs and satisfy its scheduled bank debt repayment obligations. Mart is also currently finalizing a schedule for the orderly repayment of its trade payables.
As a consequence of the Arrangement not proceeding, the Board of Directors of Mart has initiated a strategic review based upon Mart’s current financial position and ongoing operations to enhance shareholder value.
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