MAXIM ANNOUNCES PROPOSED 100%
ACQUISITION OF JASMIN
WEDNESDAY, NOVEMBER 24, 2010 - VANCOUVER, B.C., CANADA, Maxim Resources Inc.,
(Maxim), (TSXV:MXM Frankfurt:M5H OTCBB: MXMSF), is pleased to announce that is
has received a Letter of Intent, (LOI), from Jasmin
Oil & Gas Limited, (Jasmin), for Maxim to acquire
100% of the shares of Jasmin.
Jasmin, a privately held company registered in
Trinidad and Tobago has entered this LOI based on the full agreement of the
shareholders of Jasmin. At this time, the conditions
of the LOI are in the process of being satisfied and the four shareholders
representing 100% of the shares of Jasmin have agreed
to sell their positions to Maxim.
Maxim presently has a 69% Net Revenue Interest in exploration and production of
Jasmin within the South Erin Block which cover 1,350
acres. After payout of the investment by Maxim, the Net Revenue Interest will
reduce to 41%. Jasmin has drilled 5 wells to date and
the exploration licenses for this Block allow for a further 42 wells to be
drilled. Present production is approximately 200 barrels of oil per day of
medium grade crude.
Maxim will pay the shareholders of Jasmin $4.6
million USD and a Convertible Debenture for $6 million USD. The conversion price
will be $0.50 per share, with resale restrictions yet to be determined.
The LOI is subject to terms and conditions that have yet to be fully satisfied.
In concert with the LOI, both Maxim and Jasmin will
agree to enter into definitive agreements prior to the removal of the
conditional clauses of the LOI. The ensuing agreements will then be subject to
the approval of the TSX Venture Exchange, (TSXV), as well as finder fees may be
payable in accordance with the TSXV policies.
Issued on behalf of the Board of Directors of
Maxim Resources Inc.
President & CEO
(604) 630-0280 or toll free at 1-888-882-8891
The Station, Suite #290-601 W. Cordova Street Vancouver, BC V6B 1G1 Telephone:
(604) 630-0280 Fax: (604) 688-7846 E-mail: firstname.lastname@example.org
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term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
This news release may contain certain forward-looking information. All
statements included herein, other than statements of historical fact, is forward-looking information and such information involves
various risks and uncertainties. There can be no assurance that such
information will prove to be accurate, and actual results and future events
could differ materially from those anticipated in such information. A
description of assumptions used to develop such forward-looking information and
a description of risk factors that may cause actual results to differ
materially from forward-looking information can be found in the company's
disclosure documents on the SEDAR website at www.sedar.com. The company
does not undertake to update any forward-looking information except in
accordance with applicable securities laws.