Further to the announcement on February 16, 2009, San Leon Energy has completed the acquisition, of Gold Point Energy Corp. ("Gold Point" or "GPE").
As a result of the Transaction, the GPE international oil and gas portfolio will be added to San Leon's portfolio of properties, further enhancing its asset base.
Poland: Development of discovered fields plus exploration potential on trend with producing assets Development and exploration programs planned, starting with seismic reinterpretation.
United States: Field Rehabilitation
Argentina: Minimal production / field development
The compnany has a 12.5% working interest earned via farm-in from Petrolera del Comahue in two producing wells in the Flor de Roca field, Rio Negro Province. Also ownership of an exclusive database of geologic and geophysical information pertaining to Argentina and an exclusive seismic study of the General Roca and Blanco de los Olivos blocks in Rio Negro Province which involved reprocessing and reinterpration of 3D seismic data over the blocks and surrounding areas.
The entire issued share capital of GPE has been acquired by San Leon (the "Transaction") pursuant to an agreement dated February 12, 2009 (the "Agreement") which was completed on June 5th 2009 (the "Effective Date"). The Transaction was completed as a plan of arrangement under the British Columbia Business Corporations Act.
Under the Transaction six (6) GPE shares are exchanged for one (1) SLE share (the "SLE Shares") at 16.5p per share, valuing GPE at £1.4m (in a fully diluted basis). GPE shareholders as of the Effective Date and pursuant to the terms of the Agreement were entitled to receive SLE Shares in two tranches of approximately 50% each. The first tranche of 3,804,208 SLE Shares (the "Consideration Shares") was issued on the Effective Date and are subject to a lock-in period of 12 months. The second tranche of the SLE Shares shall be issued on the first anniversary of the Effective Date, provided that all or a portion of the second tranche of SLE Shares may be cancelled in the event of a material breach of any representations, warranties or covenants of GPE under the Agreement.
A finders fee was agreed between GPE, SLE and Green Corporate Finance Limited, the total consideration for which is equivalent to the issue of 965,763 new San Leon ordinary shares (the "Finders Fee Shares").
Accordingly, application for admission to trading on AIM has been made today for 4,769,971 ordinary shares of €0.05 each in SLE (being the aggregate amount of Consideration Shares and Finders Fee Shares). Admission is expected to take effect on 12 June 2009.
For the purposes of the Financial Services Authority's Disclosure and Transparency Rules, the company's total issued voting share capital at the date of this announcement, and following the above issue, consists of 278,599,338 ordinary shares of €0.05 each, each carrying the right to one vote.
There are no shares held in Treasury. The total number of voting rights in the Company is therefore 278,599,338.
The directors and officers of GPE have resigned and are being replaced by Oisin Fanning, the Chairman of San Leon. The GPE shares will be de-listed from TSXV.
Oisin Fanning, Chairman of San Leon commented:
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