Queensland Court Judges in Favor of Armour in Farm-out Deal with AEGP
Armour Energy Ltd. announced Friday that the Supreme Court of Queensland has delivered a judgement in favor of the firm ordering that the farm-out agreement relating to the Northern Territory tenements in Australia should be performed by AEGP Australia Pty Ltd., which is affiliated with American Eagle Partners.
The claims of both companies were heard from March 16 to 18, with AEGP now required to complete the farm-out agreement.
"If AEGP complies with the order for specific performance under the farm-out agreement, at completion AEGP is required to make payment to Armour of $13 million, and subscribe for 16,888,502 shares in Armour at $0.15 (AUD 0.20) for a share subscription amount totalling $2.57 million (AUD 3.37 million)," Arour said in the press release.
Armour will be seeking legal costs in relations to the proceedings be paid by AEGP.
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