Petroleum Africa
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Friday, July 17, 2015
Mart Resources reported that further to its press release of June 15, Midwestern Oil & Gas Company Ltd. advised it in writing that negotiations are continuing towards the completion of a financing sufficient to enable Midwestern to complete the acquisition of Mart’s shares.
Under the current terms of the Arrangement Agreement (as amended), Midwestern has until July 26 to complete the Midwestern Financing. If Midwestern has not completed the Midwestern Financing by July 26, Mart is able to terminate the Arrangement Agreement and compel Midwestern to provide to Mart the benefit of the CAD$5.8 million reverse break fee contemplated by the Arrangement Agreement (as amended).
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