News blog
Silvermere Energy
- BY: Andrew Hore |
- POSTED: 25/08/2011 |
Cash shell Silvermere Energy has come to an agreement with the vendors of the US oil and gas assets it is buying over the £250,000 of additional investment.
An additional £250,000 is required for additional drilling of the Mustang Island asset. The cash will come from the exercise of certain warrants. Silvermere will pay the £250,000 and will get the cash back from the vendors in 12 monthly instalments starting next January. The vendors are being given one warrant, exercisable at 30p, for each consideration share issued. That is 676,000 additional warrants.
Silvermere is going ahead with its purchase of a 33.3% working interest (and 20.83% net entitlement interest) in the Mustang Island oil and gas asset in the Gulf of Mexico. The deal still has an effective value of £2.8m.
The shares were suspended at 60.5p each on 26 January 2011. The general meeting to gain shareholder approval for the acquisition was adjourned until 30 August. The shares could recommence trading on 31 August.
Download the August 2011 edition of AIM Journal at http://www.hubinvest.com/AIMPDFAugust2011_23.pdf
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