From the 8K filed by SSN to SEC on Jan 7. Bolding is mine.
"The Purchase Agreement contains certain termination rights for both Samson USA and Seller, including (i) if the closing has not occurred on or prior to February 15, 2016 (the “Termination Date”) through no fault of the terminating party; and (ii) if any of the conditions to closing specified in the Purchase Agreement are not satisfied by the Closing Date through no fault of the terminating party. Among other conditions, Samson USA’s obligation to close the transaction is contingent on its current lender, Mutual of Omaha Bank, providing funds sufficient for Samson USA to pay the purchase price for the Assets."
I would expect share price to appreciate on confirmation of purchase going ahead as planned - i.e. funded by MOB and IMO them extending BB to $39M (i.e. fund with $20M) and re-negotiation of covenants.
The reverse will also be true IMO.
GFTA
SSN Price at posting:
0.4¢ Sentiment: None Disclosure: Not Held
