The sale of Mart Resources Inc (TSE:MMT) appears to have edged closer to completion
The Nigerian oil producer has told investors that funds for the company’s sale have now been received by the lawyer of the acquisition vehicle - 1038821 BC Ltd. (Acquireco) - and Mart said it expects the funds will be paid into the depositary.
Mart has agreed to extend the deadline for the receipt of funds into escrow until 5.00pm today in Calgary.
The ‘outside date’ for the deal’s completion remains March 24.
MidWestern (via Acquireco) agreed on 22 January to acquire all of the issued share capital of Mart by way of a plan of arrangement. Mart shareholders are set to receive 25 Canadian cents per Mart share held, valuing Mart at C$89.2mln.
AIM-quoted San Leon is helping Midwestern finance the deal and as a result it will be due just less than 10% of a Nigerian oil field that currently produces more than 30,000 barrels per day.