Update on Acquisition of Economic Interest in the Oza Oil Field, Niger Delta of Nigeria
March 31 2020 - 9:04PM
Asian Mineral Resources Limited (the
“
Company”) (TSXV: ASN) announces that, further to
its news releases of November 20, 2019, December 16, 2019, February
5, 2020 and March 5, 2020 the parties to the agreement have
extended the time to close its acquisition of the issued and
outstanding shares of Nigerian-based Decklar Petroleum Limited
(“Decklar”) to September 30, 2020.
Decklar is a party to a Risk Service Agreement
(“RSA”) with Millennium Oil & Gas Company Limited
(“Millennium”). Millennium is the owner of the Oza Field
located onshore in the northern part of Oil Mining License 11 in
the Eastern Niger Delta of Nigeria. The RSA entitles Decklar to
undertake work on the Oza Field and share in the distributable
funds generated from production, after reimbursement of its
costs.
The aggregate purchase price (the “Purchase
Price”) is CDN$8,550,000, payable through the issuance of
30,000,000 common shares of the Company (“Shares”) based on a
deemed value of CDN$0.285 per Share. Of the aggregate Purchase
Price, 22,000,000 Shares are payable upon closing of the
Acquisition with the balance of 8,000,000 Shares being payable only
if the Oza Field achieves a minimum production rate within 12
months of closing.
For further information:
Paula Kember Chief Financial OfficerTelephone:
(416) 360-3412
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Asian Mineral Resources (TSXV:ASN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Asian Mineral Resources (TSXV:ASN)
Historical Stock Chart
From Jul 2023 to Jul 2024