Maxim has entered into a binding letter agreement with arm's length third parties to purchase all of the outstanding shares of a private Trinidad based on-shore oil producer. The purchase price is US $10,000,000 cash payable on closing plus the assumption of debt in the amount of US $1,600,000. In connection with the purchase, Maxim has also agreed to grant the vendors a 3% gross overriding royalty in perpetuity on production from the currently producing property. Finder's fees may be payable to arm's length third parties upon the completion of the acquisition.
The completion of the proposed purchase is subject to a number of conditions including, negotiation and execution of a definitive agreement, receipt of all required regulatory approvals, including approval of the TSX Venture Exchange, and completion of due diligence investigations by Maxim.
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