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Terra Nova Divests Remaining Interest in the Cooper-Eromanga Basin

Source: www.gulfoilandgas.com 10/23/2020, Location: Not categorized

Terra Nova Resources Inc. has received notice from Armour Energy Limited that Armour intends to exercise its option right (the “Option Right”) to acquire the Company’s remaining 20.6667% participating interest in Petroleum Exploration Licenses (PELs) 112 and 444 (collectively, the “Licenses”) in the Cooper-Eromanga Basins in South Australia.

The Option Right, originally granted to Oilex Ltd. and acquired by Armour from Oilex, was granted pursuant to the option and sale agreement entered into among the Company, Oilex and Perseville Investing Inc. on or about August 13, 2019 (the “Option and Sale Agreement”). Pursuant to the Option and Sale Agreement, the Company initially sold to Oilex a 30.833% interest in the Licenses in consideration for 9,166,333 ordinary shares of Oilex at a deemed price of A$0.003 per share and A$18,750 in cash, issued and paid upon entry in the Option and Sale Agreement, plus an additional A$46,250 in cash to be payable upon completion (the “Tranche 2 Installment”). In lieu of cash, the Company agreed to accept an additional 13,290,646 ordinary shares of Oilex in payment of the Tranche 2 Installment. The Company was also refunded A$30,833 in reclamation bonds in connection with the sale of the 30.833% interest in the Licenses to Oilex.

To exercise the Option Right, Oilex was required to issue to the Company an additional 20,666,700 ordinary shares of Oilex at a deemed price of A$0.003 per share or A$62,000. In lieu of the Oilex ordinary shares, the Company has agreed to accept payment of A$62,000 in cash in payment of the option exercise price.

“The divestiture of our remaining interests in Australia will allow the Company to now strategically focus on the digital health and wellness sector, and our transaction with WellteQ, a leading provider of corporate wellness solutions within Asia-Pacific” stated Mark Lawson, TNR’s Chief Executive Officer and Director.

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