Mogul Energy Enters Into Definitive Agreement for Qualifying Transaction
27 Janeiro 2010 - 5:42PM
Marketwired
Mogul Energy International, Inc. ("Mogul") (OTCBB: MGUY), today
announced that it has entered into a definitive qualifying
transaction agreement (the "Definitive Agreement") with each of
United Hydrocarbon Corporation ("UHC"), Excelaron LLC
("Excelaron"), Vesta Capital Corp. ("Vesta") and others in
connection with a proposed "Qualifying Transaction" (within the
meaning of the policies of the TSX Venture Exchange (the ("TSXV")).
The Definitive Agreement provides for, among other things, the
acquisition of a direct 40% membership interest in Excelaron (the
"Acquisition of the Mogul Interest") by Vesta in consideration for
which Mogul will receive 38,500,000 shares of Vesta. After giving
effect to the Acquisition of the Mogul Interest, and subject to the
closing of the Qualified Transaction, Mogul expects to hold between
approximately 32% and 41% interest in Vesta, depending on the
number of shares ultimately issued by Vesta as part of the
Qualifying Transaction. The Acquisition of the Mogul Interest is to
be effected in connection with an indirect concurrent financing of
between $9,000,000 and $4,000,000 Canadian Dollars (the
"Financing'). The consummation of the Definitive Agreement,
including the Acquisition of the Mogul Interest, is subject to the
satisfaction by the parties of a number of conditions including,
but not limited to the above mentioned Financing and required
regulatory approvals.
About Mogul
Mogul Energy is an oil and gas exploration company with
headquarters in Seattle, Washington.
The common shares of Mogul Energy are quoted on the OTC Bulletin
Board (OTCBB) system under the symbol 'MGUY,' and the Frankfurt
Stock Exchange ("FSE") under the symbol 'BKX'. Further information
concerning Mogul Energy can be found in the Company's filings with
the U.S. Securities and Exchange Commission
(http://www.sec.gov).
Forward-Looking Statements:
This news release contains "forward-looking statements" within
the meaning of the securities laws, which are based on current
expectations and beliefs, as well as on a number of assumptions
concerning future events made with information that is currently
available. Statements in this news release that are not historical
facts are forward-looking statements that are subject to risks and
uncertainties. Words such as "expects," "intends," "plans," "may,"
"could," "should," "anticipates," "likely," "believes" and words of
similar import also identify forward-looking statements.
Forward-looking statements are based on current facts and analyses
and other information that are based on forecasts of future
results, estimates of amounts not yet determined and assumptions of
management, including, but not limited to, the Company's ability to
negotiate, enter into, perform and consummate the definitive
agreement described in this release. Readers are cautioned not to
put undue reliance on such forward-looking statements, which are
not a guarantee of performance and are subject to a number of
uncertainties and other factors, many of which are outside of Mogul
Energy's control, which could cause actual results to differ
materially from such statements. For a more detailed description of
the factors that could cause such a difference, please refer to
Mogul Energy's filings with the U.S. Securities and Exchange
Commission. Mogul Energy International, Inc. assumes no obligation
to update or supplement such forward-looking statements other than
as required by law.
Contact Information: Company Contact Naeem Tyab Mogul Energy
206-357-4220 naeem@mogulenergy.com http://www.mogulenergy.com
Mogul Energy (PK) (USOTC:MGUY)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Mogul Energy (PK) (USOTC:MGUY)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024