Business
Cobra Venture Corporation Enters into Letter of Intent with Robinson Energy Limited in Respect of a Proposed Reverse Takeover
Vancouver, British Columbia--(Newsfile Corp. - July 17, 2025) - Cobra Venture Corporation (TSXV: ...
About this update from Cobra Venture Corporation
[{"type":"text","content":"Cobra Venture Corporation Enters into Letter of Intent with Robinson Energy Limited in Respect of a Proposed Reverse TakeoverVancouver, British Columbia--(Newsfile Corp. - July 17, 2025) - Cobra Venture Corporation (TSXV: CBV) (the \"Corporation\" or \"Cobra\"), is pleased to announce it has entered into a letter of intent dated June 30, 2025 (the \"LOI\") with Robinson Energy Limited (\"Robinson\"), a corporation organized under the laws of the Province of Alberta, whereby Cobra and Robinson will complete a share exchange, or similar transaction (the \"Transaction\") to ultimately form the resulting issuer (the \"Resulting Issuer\") that will continue on the business of Robinson, subject to the terms and conditions outlined herein. Following completion of the Transaction, the Resulting Issuer intends to maintain its listing as a Tier 2 Oil and Gas Issuer on the TSX Venture Exchange (the \"Exchange\"), subject to Exchange approval. Robinson is a private company and was incorporated under the laws of the Province of Alberta on March 4, 2022. Robinson was established to acquire and develop strategic Petroleum Licenses in the Western Province of Papua New Guinea. Robinson has been granted its first Petroleum License PRL 62. Transaction DetailsIt is intended that the Transaction will be an arm's length \"Reverse Takeover\" of Cobra, as such term is defined by the Exchange Policy 5.2 Changes of Business and Reverse Takeovers. The material terms and conditions outlined in the LOI are non-binding on the parties and the LOI is, among other things, conditional on the execution of a definitive agreement (the \"Definitive Agreement\") to be negotiated between the parties. The legal structure for the Transaction will be confirmed after the parties have considered applicable tax, corporate and securities law. Among other customary terms for a transaction of this nature, the Definitive Agreement will provide for: All of the securities of Robinson being acquired for a purchase price of $24,778,335 satisfied though the issuance of common shares of Cobra (\"Cobra Shares\") at an exchange ratio of 15.15 Cobra Shares for each Robinson Share, which values each Cobra Share at a price of $0.21 per share and which shall result in the issuance of approximately 122,410,336 Cobra Shares.A change of name of the Corporation to \"Robinson Energy Limited\" e...