Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Mart Resources Inc’ sale closer to completion

Mart shareholders are set to receive 25 Canadian cents per Mart share, valuing the company at C$89.2mln.
Mart Resources Inc’ sale closer to completion
The ‘outside date’ for the deal’s completion remains March 24.

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.

London listed San Leon Energy (LON:SLE) is supporting the transaction.

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.

Jamie_55a91591db06b.jpg


Register here to be notified of future MMT Company articles
View full MMT profile

Mart Resources Timeline

Related Articles

oildrill.jpg
November 02 2015
The Octant team has already delivered success with these assets, which were sold as part of US$101mln deal with Afren five years ago
soundpic.png
Fri
Work on TE-7 got underway on Thursday with aim of assessing the potential of block ahead of putting together a field development plan.
oil worker turning wheel
May 23 2016
A string of positive announcements, since mid-April, have seen the share rise around 500% and in the coming weeks promise possibilities for further share price catalysts.

© Proactive Investors 2016

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.