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Mart Terminates Arrangement with Westfield E & P

Source: www.gulfoilandgas.com 11/2/2009, Location: Africa

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Mart Resources, Inc. announces that it has terminated the Arrangement Agreement with Westfield Exploration and Production Limited and its wholly owned Canadian subsidiary, Westfield Oil Holding Limited (collectively, the “Purchaser”) due to the Purchaser’s failure to tender the cash consideration payable for Mart’s common shares as prescribed in the Arrangement Agreement.

Mart also confirms that it has repaid the outstanding principal amount of the US$3.5 million convertible bridge loan advanced to Mart in late May and early June 2009. Mart has instructed Computershare Trust Company of Canada, its registrar and transfer agent, to return to securityholders any Mart securities that were previously delivered to Computershare in anticipation of the closing of the Arrangement.

Mart currently believes that it has adequate cash and ongoing oil production revenue to meet its operating costs and satisfy its scheduled bank debt repayment obligations. Mart is also currently finalizing a schedule for the orderly repayment of its trade payables.

As a consequence of the Arrangement not proceeding, the Board of Directors of Mart has initiated a strategic review based upon Mart’s current financial position and ongoing operations to enhance shareholder value.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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