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Toronto, November 26, 2021 (GLOBE NEWSWIRE) — Sintana Energy Inc. (TSXV: SEI) (“society” Also “Sintana“) Is a previously announced takeover offer (“”Get”) Inter Oil (Pty) Ltd. 49% stake in all issued shares and issued shares (“Inter oil“) Grisham Assets Corp. (“Grisham”), All final agreement between the Company, Grisham, Interoil and Pty Ltd. (a subsidiary of Interoil) dated September 13, 2021 (“).Decisive agreement“).
As previously announced, Inter Oil indirectly holds a strategic portfolio of offshore oil exploration license interests, and completion of the acquisition grants Inter Oil’s indirect subsidiary a 90% interest in Onshore Block 1918B. It was a condition to be done. Acquire an indirect 30% stake (“Onshore license“). Sintana has announced that the onshore license has been granted by the applicable Namibian authorities. This allows you to meet the most important conditions until the acquisition is completed.
In addition, we are pleased to announce that Charlestown Energy Partners LLC and its affiliates have received the shareholder approval required to become the “ruler” of Sintana as defined in the TSX Venture Exchange Rules.TSXV”), At recent annual and special shareholders’ meetings. As previously reported, Charlestown has commented to subscribe to a total of 33,600,000 common shares at a price of Cdn $ 0.15 per share in order to raise total revenue of Cdn $ 5,040,000 (“Private placement”), Which funds will be partially used to fund the total consideration for the acquisition. Shortly after the private placement and acquisition are complete, Charlestown and its affiliates are expected to become the “ruler” of Sintana.
Completion of the acquisition and private placement is subject to a variety of additional terms, including final approval of TSXV for each of the acquisition and private placement, provision and execution of satisfactory title opinions, shareholder agreements accepted by Sintana, and completion. Co-operation and oil contracts with third parties that manage certain assets currently held by Interoil. Therefore, there is no guarantee that the acquisition or private placement will be completed under the terms currently proposed or at all. For more information, see the Sintana press releases dated September 15, 2021 and November 15, 2021, available on SEDAR (www.sedar.com).
We are currently engaged in hydrocarbon exploration and development activities in the Magdalena Basin, Colombia. Sintana’s business strategy is to acquire, research, develop and produce high quality assets with significant reserves potential.
On behalf of Sintana Energy Inc.
“Douglas G. Manners”
Chief executive officer
For more information about Sintana and ongoing business activities, please visit our website at www.sintanaenergy.com.
|contact address:||contact address:|
|Douglas G. Manor||Sean J. Austin|
|Chief executive officer||vice president|
|Tel: 832.279.4913||Tel: 713.825.9591|
Neither the TSX Venture Exchange nor its regulatory service provider has considered or accepted liability for the validity or accuracy of this press release.
Forward-Looking Statements – The specific information contained in this news release is substantive, including risks associated with the fulfillment of all outstanding termination conditions for the completion of acquisitions and / or private placements. It may contain forward-looking statements, including known and unknown risks and uncertainties. , Currency risks, political and security risks associated with doing business in Namivia, capital availability, licensing and land ownership issues, risks inherent in oil and gas exploration and development activities, and our continuation Other risk factors listed in the disclosure of the document, available at any time in SEDAR. These forward-looking statements involve many risks and uncertainties, some of which are beyond our control. The reader believes that the assumptions used to create such information are reasonable at the time of creation, but may turn out to be inaccurate, so the forward-looking statement is overkill. Keep in mind that trust should not be placed. We undertake no obligation to update any forward-looking statement contained in this document, except as required by applicable securities law.
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Sintana provides up-to-date information on proposals to acquire a strategic portfolio of oil exploration license interests in Namibia, Canadian Business Journal
Source link Sintana provides up-to-date information on proposals to acquire a strategic portfolio of oil exploration license interests in Namibia, Canadian Business Journal