News and Announcements
Successful Renegotiation of TOMSK Acquisition Terms
- Published September 06, 2012 2:53AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Sprint Energy Limited (ASX: SPS, “Sprint”, “Company”), is pleased to announce further to the Company’s request for an extended suspension of trading, the Company has successfully re-negotiated the terms of the consideration with Electrosecur Limited (“Vendor”) in relation to the acquisition of a 74% interest in OOO Bakcharneftegaz (“BNG”) and Block 71-1, located in the Tomsk region of the Western Siberia.
The original terms of acquisition with the Vendor were a nineteen (19)% equitable interest in the Company (post the raising) and a cash payment of USD$800,000. (Refer the Company’s ASX announcement of 8 August 2012). Following recent discussions, the Vendor has continued to re-affirm their belief in the project by reducing the cash payment to USD$200,000.
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