Pluris Energy Group Inc. announced that the Company's wholly owned Argentine subsidiary, Pluris Sarmiento Petroleo SA executed a definitive Purchase and Sale Agreement with Clear S.R.L. of Comodoro Rivadavia, Argentina to purchase a 75% operating interest in the Cerro Negro concession, Chubut Province, Argentina.
The Agreement includes consideration to be paid by the Company to Clear in the form of a cash payment totaling USD$21,000,000 on terms over a specified period of time and additional consideration in the form of 3,000,000 common shares of the Company deliverable to Clear over a specified period of time and subject to pooling provisions agreed to by Clear and Pluris Energy under a mutually agreed upon pooling agreement. The Company intends to accept transfer of operations and title to a 75% interest over the Cerro Negro concession upon financial closing of the transaction, which is targeted for the third quarter of 2008. Closing of the acquisition is subject to a number of conditions including obtaining all required third party consents.
Management of the Company looks forward to providing our shareholders with further details related to the Cerro Negro concession in upcoming announcements.
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