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MOU to acquire 45% working interest in approximately 60,000 acres of highly prospective Niobrara Shale acreage in Colorado and Wyoming from New Frontier Energy Inc for $US10 million cash and the equivalent of $US5 million in EMR shares.
Last quarterly showing 1.5mil cash
Expect a CR of $15mil ($10mil cash for payment + $5mil working capital)
EMR has CR hanging over its head.
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