Progress Update - Negotiations with Strategic Investor
(Thomson Reuters ONE) -
Artumas today announced that further to the press release of 25 March 2010 the
exclusive and confidential discussions with Wentworth Resources Limited
("Wentworth") are proceeding positively and amendments to the original Letter of
Intent have been agreed as follows:
* The Wentworth private placement amount, which had previously been set at
US$22 million in new capital, has been reduced to allow a range of
investment in Wentworth, prior to the combination with Artumas, of between
US$10 and 15.2 million.
* The transaction values for the combination remains fixed at NOK3.25 per
Artumas share. Ultimate ownership percentages in Artumas for the
shareholders of Wentworth now translates to approximately 41-49%, depending
on actual gross proceeds in Wentworth's private placement.
* In addition Artumas has entered into an unsecured US$1.5 million short term
loan facility with Wentworth to bridge any cash shortfalls which may occur
prior to completion of the business combination of Wentworth and Artumas.
The facility may be converted into equity in Artumas at a conversion price
of NOK3.25 per Artumas share, at the discretion of Wentworth. Artumas has
fully drawn down the entire facility.
* The date of exclusivity has been extended by one month to July 1, 2010. The
execution of a definitive agreement is expected on or before July 1, 2010
with closing shortly thereafter.
Once a definitive agreement has been executed, full disclosure will be made in
accordance with Oslo Bors stock exchange rules.
The contemplated transaction will provide Artumas with necessary capital for
future development of the company at a premium to the current share price. The
transaction will also provide new stakeholders in the company who have proven
experience in developing and executing gas monetisation projects.
About Wentworth Resources Limited
Wentworth is a privately owned Cayman Islands' registered Exempted Company. It
was created in October 2009 specifically to enter into a transaction with
Artumas whereby it could provide investment capital and gas monetisation project
experts to Artumas. Wentworth is led by Robert "Bob" McBean (Chairman & CEO) and
Neil Kelly (Non-executive Director).
Mr. McBean is a mechanical engineer with over 40 years experience in the
upstream, midstream, and downstream oil and gas industries. He is an
accomplished energy project developer and both a private and public company
senior executive and director.
His past accomplishments include: originating, developing, and serving as the
first Managing Director of Qatar Fuel Additives Company ("QAFAC"), a world-scale
methanol and MTBE petrochemicals facility in Qatar; originating, developing, and
then serving as the first Managing Director of Dubai Natural Gas Company
("DUGAS"), an associated gas LPG processing facility in Dubai; and co-founding
Scarboro Resources with interests and operations in Italy, Libya, Abu Dhabi,
Indonesia, France, Pakistan and Canada.
Mr. Kelly is also a +40 year veteran of the upstream, midstream, and downstream
oil and gas industries. He held managerial positions responsible for the
operation of both major offshore (Norway) and onshore oil and gas facilities
(Nigeria and Indonesia). Prior to his retirement from ExxonMobil he was Managing
Director of Ras Laffan LNG Company (RasGas) in the State of Qatar. In this role
he oversaw the development of the company and the construction of the LNG plant,
and the offshore gas production facilities to provide feedstock to the plant.
This multi billion US dollar project was started up ahead of schedule and on
budget. Mr. Kelly also served as a Director of PT Arun LNG Company in Indonesia
for three years during a six year assignment in Indonesia, which also saw him
direct the production from the giant Arun gas field.
Mr. Kelly is a registered Professional Engineer in the Province of British
Columbia, Canada and has both BSc and MSc degrees in Mechanical Engineering.
President and CEO Cameron Barton said "the amendments to the Letter of Intent
require us to extend our date of exclusivity to Wentworth. However the agreed
changes provide less dilution to our existing shareholders while still providing
all the benefits of the investment premium and the new addition of stakeholders
who are world class gas-to-liquids project developers. We are excited about this
new phase of our Company's development and we look forward to reporting our
progress to our shareholders and the investment community."
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1419904]
Press Release: http://hugin.info/136496/R/1419904/369754.pdf
Unternehmensinformation / Kurzprofil:
Datum: 28.05.2010 - 19:01 Uhr
Sprache: Deutsch
News-ID 21666
Anzahl Zeichen: 0
contact information:
Town:
Calgary, Alberta
Kategorie:
Business News
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"Progress Update - Negotiations with Strategic Investor"
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Artumas Group Inc. (Nachricht senden)
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