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Mart & Delta Oil Terminate Agreement

Source: www.gulfoilandgas.com 12/14/2015, Location: Africa

Mart Resources, Inc announces that, due to prevailing market and industry conditions, Mart and Delta Oil Nigeria B.V. (“Delta”) have mutually agreed to terminate the arrangement agreement dated October 16, 2015 (the “Arrangement Agreement”).

The Company and Delta have also mutually agreed that Delta will not proceed with the previously announced private placement of units, which was conditional upon shareholders first approving the Plan of Arrangement set out in the Arrangement Agreement.

Mart intends to continue to examine and consider strategic alternatives available to the Company to maximise shareholder value. FirstEnergy Capital of London, U.K. and Calgary, Canada continue to act as Mart’s financial advisor in the strategic alternatives process.

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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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