MXM-TSXV
M5H-FRANKFURT
MXMSF-US OTC
Maxim Enters Into Letter Agreement to Acquire Trinidad based On-Shore Oil Producer
Vancouver, B.C. - Maxim Resources Inc. ("Maxim" or the "Company") is pleased to announce that it has entered into a binding letter agreement with arm's length third parties to purchase all of the outstanding shares of a private Trinidad based on-shore oil producer. The purchase price is US$10,000,000 cash payable on closing plus the assumption of debt in the amount of US$1,600,000. In connection with the purchase, Maxim has also agreed to grant the vendors a 3% gross overriding royalty in perpetuity on production from the currently producing property. Finder's fees may be payable to arm's length third parties upon the completion of the acquisition.
The completion of the proposed purchase is subject to a number of conditions including, negotiation and execution of a definitive agreement, receipt of all required regulatory approvals, including approval of the TSX Venture Exchange, and completion of due diligence investigations by Maxim.
On behalf of the Board
"Arthur Brown"
Arthur Brown
President and CEO
For further information, please contact Arthur Brown, President and CEO of the Company at (604) 630-0280 or toll free at 1-888-882-8891
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Maxim Resources Inc.
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CODE : MXM.V |
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Maxim Res. is a and oil exploration company based in Canada. Maxim Res. develops natural gas in Australia. Its main asset in production is SELLHEIM GOLD in Australia and its main asset in development is SOUTH ERIN BLOCK in Australia. Maxim Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 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. |