Petroleum Africa
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Friday, August 28, 2015
Mart Resources reported that it has terminated its agreement with Midwestern Oil and Gas Company. Under the terms of the arrangement agreement (as amended), Midwestern had until August 26 to complete the acquisition of Mart’s common shares, unfortunately due to the current market conditions Midwestern was unable to complete the agreed upon terms in the time allotted.
Pursuant to the terms of the arrangement agreement (as amended,) a CAD$5.8 million reverse break fee is payable to Mart. A significant portion of the reverse break fee will be satisfied by Midwestern paying Mart’s portion of a Nigerian corporate tax liability and other Mart payables.
Mart said that it will continue to examine and consider strategic alternatives to maximize shareholder value, including the potential for a revised transaction with Midwestern.
FirstEnergy Capital has been retained to act as Mart’s financial advisor. In addition, with the termination of the transaction, the company has ceased to engage Wade Cherwayko as a consultant.
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