Funding Secured For Mart Arrangement Agreement

RNS Number : 8271Q
San Leon Energy PLC
02 March 2016
 

 

02 March 2016

San Leon Energy Plc

("San Leon" or "the Company")

 

Funding Secured For Mart Arrangement Agreement

 

San Leon Energy Plc (the "Company"), the AIM listed company focused on oil and gas exploration and production in Europe and Africa, announces that it has secured the funds to complete the Mart Resources Inc. ("Mart") Arrangement Agreement (the "Arrangement Agreement") announced on 22 January 2016, and the extensions announced on 18 February and 25 February 2016.  Completion of the Arrangement Agreement is subject to necessary approvals.

This forms part of the broader proposed transaction outlined on 22 January 2016, and totals approximately CAD$89.26 million plus approximately US$4.5 million in transaction costs.  Progress on the other elements of the proposed transaction will be announced in due course.

San Leon has provided Mart with confirmation from its investors that they will fund the agreed escrow account by 5pm Calgary time on 8 March 2016, and a further extension to the agreed funding timing has been agreed between parties to facilitate this.

Oisin Fanning, San Leon's Executive Chairman, commented:

"We are delighted to have secured the funds to enable this company-changing transaction to complete, subject to necessary approvals."

 

Enquiries:

 

San Leon Energy plc 

Oisin Fanning, Executive Chairman

+353 1291 6292

 

Brandon Hill Capital

Oliver Stansfield
Jonathan Evans 

 

 

+44 (0) 20 3463 5000

 

finnCap Ltd 

Corporate Finance
Matt Goode

Christopher Raggett
Corporate Broking
Joanna Weaving

 

+44 (0) 20 7220 0500

Macquarie Capital (Europe) Limited
Jon Fitzpatrick 

 

+44 (0) 20 3037 2000

Stockdale Securities Ltd
Nominated Adviser
Robert Finlay
Antonio Bossi

 

+44 (0) 20 7601 6100

Vigo Communications
Financial Public Relations
Chris McMahon

Alexandra Roper

 

+44 (0) 20 7830 9700

Plunkett Public Relations
Sharon Plunkett

+353 (0) 1 280 7873

 

www.sanleonenergy.com 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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