The announcement about the divestment, of 29 November 2021, calls it a 'binding heads of agreement' between EPM and Oz Yellow..
However there is a conditional clause"
Completion of the sale is conditional upon the satisfaction (or waiver) of the following conditions precedent:
(a) Capital raising: Oz Yellow undertaking an initial public offer (IPO) and receiving valid applications for no less than the higher of the amount required by the ASX to obtain initial quotation and A$20 million inclusive of costs and expenditure, at an issue price of no less than A$0.20 per share under the IPO.
Oz Yellow did not get the money from Petra, so it couldn't proceed with the deal it had with EPM.
So surely it is Oz Yellow, and not EPM, that should be making Petra fulfill their obligations - assuming Petra had any obligations.
EPM Price at posting:
2.6¢ Sentiment: None Disclosure: Not Held
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