Artumas Signs Letter of Intent with Strategic Partner
(Thomson Reuters ONE) -
Artumas Group, Inc. ("Artumas" or the "Company") confirmed today that it has
entered exclusive and confidential negotiations with Wentworth Resources Limited
and it is expecting that a business combination of the two companies will
conclude no later than June 1, 2010.
Wentworth is a newly founded company led by individuals with proven world scale
gas-to-liquids project development and operatorship experience and significant
cash reserves. Wentworth will in connection with the business combination
complete a share capital increase amounting to USD 22 million in gross proceeds.
It is envisaged that the business combination will provide Artumas with USD 20
million in cash. The shareholders of Wenthworth will receive shares constituting
approximately 58.5% of the combined business. The material increase in the
Company's cash reserves resulting from the proposed business combination is
expected to be sufficient to meet the Company's operating and capital
requirements for the next two years.
The transaction values Artumas at approximately NOK 3.25 per share.
President and CEO Cameron Barton said "we believe that the proposed transaction
will provide Artumas with both the financial and human capital necessary to make
significant progress toward its downstream gas commercialization ambitions in
Tanzania such that the inherent value of the company's underlying assets can now
be recognised."
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1397624]
Press Release 2010 03 25: http://hugin.info/136496/R/1397624/353402.pdf
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Datum: 25.03.2010 - 06:41 Uhr
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News-ID 1011906
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