Under the terms of the transaction, Shannon purchased all of Conquistador's 8% working interests in approximately 376,000 gross acres of PNG permits, as well as Conquistador's interest in all seismic, geomagnetic surveys and well bore information. Shannon issued 750,000 shares of common stock and 750,000 common stock purchase warrants exercisable at $0.40 per share for two years.
This transaction provides Shannon with a 100% working interest in the aforementioned block of permits. With Shannon's consolidation of the PNG permits, and with increased industry interest that has recently developed in the project area, Shannon intends to pursue the maximization of value of these resource assets for the benefit of Shannon's shareholders.
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