re: Ann: Wailawi Oil and Gas Project Legal Bi...
Few assumptions in those figures not withstanding this below:
AEM has now entered into additional legally binding agreements to acquire Centrenergy. In consideration for acquiring Centrenergy and in respect of UPT’s facilitation of this transacton, AEM has agreed to issue shares to UPT valued in aggregate at an amount to be determined by an independent valuer. The issue of the shares in AEM to UPT is subject to a number of conditions precedent, including shareholders approving various resolutions to satisfy Australian regulatory requirements, AEM satisfying the requirements of Chapters 1 and 2 of the ASX listing rules including the completion of a capital raising pursuant to a prospectus and the satisfaction of any other Australian and Indonesian regulatory requirement regarding the transfer of the share capital in Centrenergy to AEM and the issue of AEM shares to UPT.
Having said that, it's a step in the right direction.
EOR Price at posting:
1.7¢ Sentiment: None Disclosure: Not Held