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 $2,425,000 (in cash or freely tradable ordinary shares of LGO) would be payable pursuant to the terms of the HOA to Maxim on and after closing of the proposed transaction and the achievement by Maxim of certain performance objectives, in exchange for the issuance by Maxim to LGO of up to 30 million shares of Maxim at a price of 12 cents per share, representing a maximum of approximately 49 per cent of the issued and outstanding common shares of Maxim on completion of the proposed transaction. The proposed closing date of this transaction was scheduled for on or before Sept. 26, 2013. As of Oct. 1, 2013, LGO and Maxim have mutually agreed that this HOA be extended for a six-month period, subject to regulatory and shareholder approval (if applicable). This extension will allow both parties to continuously evaluate the litigation Maxim has with Jasmin Oil and Gas Ltd., in Trinidad, while at the same time consider alternate development opportunities available to both companies to mutually pursue in Trinidad.
LGO has reconfirmed its interest in participating with Maxim in Trinidad based opportunities that become available going forward.
Arthur Brown, chief executive officer of Maxim, commented, "Maxim is pleased with LGO's ongoing financial commitment to future development opportunities and we look forward to working with them in the near future."
We seek Safe Harbor.
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Maxim Resources Inc.
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CODE : MXM.V |
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Maxim Res. est une société d’exploration minière et de pétrole basée au Canada. Maxim Res. est en développement de projets de gaz en Australie. Son principal projet en production est SELLHEIM GOLD en Australie et son principal projet en développement est SOUTH ERIN BLOCK en Australie. Maxim Res. est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 292 050 CA$ (218 813 US$, 209 404 €). La valeur de son action a atteint son plus haut niveau récent le 30 décembre 2005 à 1,10 CA$, et son plus bas niveau récent le 16 décembre 2016 à 0,01 CA$. Maxim Res. possède 58 410 000 actions en circulation. |