2013-10-03 08:28 ET - News Release
Mr. Arthur Brown reports
MAXIM PROVIDES UPDATE TO JV & FINANCING
Maxim Resources Inc. has provided an update to the joint venture and financing relationship with Leni Gas and Oil PLC.
On March 14, 2013, along with subsequent updates, Maxim announced that it had entered into a joint venture and financing heads of agreement, with LGO whereby Maxim and LGO will work together to jointly pursue oil field development opportunities in Trinidad and Tobago. Upon signing of the HOA, LGO made an initial, refundable payment to Maxim of $75,000. Further payments by LGO of up to $2,425,000 (in cash or freely tradable ordinary shares of LGO) would be payable pursuant to the terms of the HOA to Maxim on and after closing of the proposed transaction and the achievement by Maxim of certain performance objectives, in exchange for the issuance by Maxim to LGO of up to 30 million shares of Maxim at a price of 12 cents per share, representing a maximum of approximately 49 per cent of the issued and outstanding common shares of Maxim on completion of the proposed transaction. The proposed closing date of this transaction was scheduled for on or before Sept. 26, 2013. As of Oct. 1, 2013, LGO and Maxim have mutually agreed that this HOA be extended for a six-month period, subject to regulatory and shareholder approval (if applicable). This extension will allow both parties to continuously evaluate the litigation Maxim has with Jasmin Oil and Gas Ltd., in Trinidad, while at the same time consider alternate development opportunities available to both companies to mutually pursue in Trinidad.
LGO has reconfirmed its interest in participating with Maxim in Trinidad based opportunities that become available going forward.
Arthur Brown, chief executive officer of Maxim, commented, "Maxim is pleased with LGO's ongoing financial commitment to future development opportunities and we look forward to working with them in the near future."
We seek Safe Harbor.
.
|
Maxim Resources Inc.
|
|
|
CODE : MXM.V |
|
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Maxim Res. is a and oil exploration company based in Canada. Maxim Res. develops natural gas in Australia. Its main asset in production is SELLHEIM GOLD in Australia and its main asset in development is SOUTH ERIN BLOCK in Australia. Maxim Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 292 050 as of today (US$ 218 813, € 209 404). Its stock quote reached its highest recent level on December 30, 2005 at CA$ 1.10, and its lowest recent point on December 16, 2016 at CA$ 0.01. Maxim Res. has 58 410 000 shares outstanding. |