Agrotech plans $3-million, closes acquisition
(firmenpresse) -
Agrotech plans $3-million, closes acquisition
Mr. Colin Bowkett reports
AGROTECH CLOSES WEST TEXAS ACQUISITION AND PROVIDES UPDATE ON REACTIVATION
Agrotech Greenhouses Inc. has provided an update regarding its reactivation on the TSX Venture Exchange first announced in Stockwatch news dated July 27, 2009, and recently updated in the company's news in Stockwatch dated Dec. 29, 2009.
The Greater Joe Mill project -- acquisition
Further to Stockwatch news dated Dec. 29, 2009, the company is pleased to announce that Contact USA has closed its acquisition of the Greater Joe Mill project in the Permian basin of West Texas. It has acquired a 25-per-cent net working interest in approximately 4,700 acres of the seller's net mineral acres within the project area by committing to pay for its proportionate share of the drilling cost of the first four wells and paying for its share of the associated mineral leases and existing saltwater disposal (SWD) well. Consequently, Contact USA has paid the seller a total of $689,902 (U.S.) for its share of the estimated drilling costs of the first well, mineral leases and SWD well. The drilling of the first well is expected to commence within the next 30 days. Drilling of the subsequent three wells is expected some time in the second quarter of 2010. A finder's fee is payable by Contact USA in respect of this transaction.
The company's name change and consolidation
In conjunction with the one-for-three consolidation of the company's shares, which has been approved by shareholders, it is now proposed to change the company's name to Archer Petroleum Corp.
Financing
The company is not proceeding with the financing announced in Stockwatch news dated July 27, 2009. Instead, the company shall conduct a private placement of up to 6,667,000 postconsolidation shares at 45 cents each to raise $3-million at the closing of the reactivation, subject to regulatory approval. The company reserves the right to increase this financing by up to 20 per cent. Finders' fees will be payable in connection with the placement.
ABL agreement
The company has entered into a management services agreement with ABL Energy Partners LLC, a leading, oil and gas consulting firm based in Houston, which specializes in assisting oil and gas companies maximize shareholder value. ABL has long-standing relationships with industry partners and participants. Pursuant to the agreement, ABL has agreed to provide the company with operational, business development and corporate finance services, and will introduce and assist the company in the acquisition of new oil and gas projects.
Stock option grant
The company is pleased to announce that pursuant to its stock option plan and in conjunction with the closing of the company's reactivation and subject to shareholder and regulatory approval of the reactivation, the company has granted options to purchase up to 600,000 postconsolidation shares of the company exercisable at 34 cents per share for a term of five years from the closing date of the reactivation.
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Agrotech Greenhouses Inc.
Suite 880-609 Granville Street
Vancouver
BC
Canada
info(at)archerpetroleum.com
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Datum: 26.01.2010 - 07:49 Uhr
Sprache: Deutsch
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