Kodiak Energy, Inc. has reported that the proposed plan of arrangement with Brink Energy Ltd., a private Alberta junior oil and gas corporation, has been terminated.
Kodiak had made best efforts to complete the transaction within the previously disclosed timelines defined in the binding letter agreement signed on June 18, 2008. The management of Kodiak believes Brink did not meet the requirements of the Agreement. Kodiak is reviewing the options available to the Corporation including recovery of the secured one million dollar loan advanced to Brink on June 20, 2008, recovery of the break fee comprising certain leased Brink mineral interests as set out in the Agreement, and all related transaction costs.
Kodiak will continue to report any updates regarding this transaction as they become available.
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