Azonto Petroleum (ASX:APY) is a company focussed on finding and developing new projects.
1st MAY 2017 - AZONTO TO ACQUIRE CALIMA ENERGY LIMITED
Azonto is pleased to announce it has entered into a Farm-In Agreement (Farm-In Agreement) in relation to oil and gas licenses prospective for the Montney Formation in British Columbia, Canada (Montney Project).
In conjunction with Azonto's entry into the Farm-In Agreement, Azonto has also entered into a binding term sheet (Acquisition Agreement) to acquire Calima Energy Ltd (Calima) from Havoc Partners LLP (Havoc) (Calima Acquisition and, together with the Farm-In Agreement, the Proposed Transaction).
The key terms of the Proposed Transactions are set out in Schedule 1 of the Announcement.
- Azonto has entered into a conditional Farm-In Agreement giving it the right to acquire a working interest of up to 55% in the Montney Project and operatorship of the Project.
- Azonto to acquire Calima, which holds interests in petroleum permits in Saharawi Arab Democratic Republic and passive minority interests in TMK Montney Limited and Bahari Holding Company Limited.
- Azonto to undertake Capital Raising to raise between $2.25 million and $4.5 million by way of a prospectus offer.
- Azonto to reconstitute its Board and undertake a 1 for 3 consolidation of its share capital (Consolidation).
- Alan Stein and Jon Taylor to join the Azonto Board and management team.
- Azonto to change its name to Calima Energy Limited
For full details, please see News Release 'Azonto Re-enters Oil and Gas Market' in the 'News & Media' section of this website.
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