More Time Given to Complete Sale of Indonesia's PT Benakat Barat Petroleum
Interra Resources Limited (the Company) referred Monday to its announcement dated Sept. 3, 2013 relating to the Proposed Acquisition of Indonesia's PT Benakat Barat Petroleum (the Announcement). Capitalized terms not defined herein shall bear the same meanings ascribed to them in the Announcement.
As stated in the Announcement, the completion of the Proposed Acquisition is conditional upon satisfaction or relevant waiver by GII or the Sellers of certain conditions by June 2 (the Longstop Date) or such other later date as GII or the Sellers may mutually agree.
GII and the Sellers have agreed to extend the Longstop Date to July 2, subject to the right for parties to terminate the SPA with 5 days’ prior written notice. This is to allow further time for the parties to satisfy certain conditions precedent as set out in the said SPA and to negotiate and execute a supplemental agreement to the SPA.
Further announcements will be made to shareholders at the appropriate juncture.
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