Business
East West Provides Update on Sale of 30% Interest in Cheal Permits
East West Provides Update on Sale of 30% Interest in Cheal Permits Canada NewsWire...
About this update from East West Minerals Ltd.
[{"type":"text","content":"\n\n\n\nEast West Provides Update on Sale of 30% Interest in Cheal Permits\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Oct. 9, 2019\n\n\n\nVANCOUVER, Oct. 9, 2019 /CNW/ - East West Petroleum Corp. (TSX-V: EW) (\"East West\" or the \"Company\") is pleased to provide this update on the sale of the Cheal permits.\n\n \n \n\n \nOn June 24th, 2019 Company announced it had entered into a heads of agreement for the sale of its 30% interest in its Cheal concessions, subject to a number of conditions.\nThe disposition of the Company's interests in the Cheal permits was subject to a pre-existing right of first refusal by the Company's joint venture participant in connection with the Cheal property which has been waived allowing the Company to proceed with its sale.\nThe Company has now finalized and signed definitive agreements for the sale of the assets to a private arm's-length New Zealand company. Proceeds from the sale of the Cheal permits will be redeployed by the Company for general corporate purposes including consideration and evaluation of new oil and gas assets. Following the disposition of the Cheal permits, the Company's remaining petroleum asset will be its interest in four concessions located in Romania. As a result, the Company will no longer meet listing requirements for Tier 1 of the TSX-V and movement to Tier 2 is likely. There will be no significant impact on the Company from tier movement.\nThe Company received shareholder approval to the sale of the Cheal permits on August 7th, 2019.\nThe Company has made necessary filings with the TSX Venture Exchange and received conditional approval to close. Closing of the transaction is subject to the buyer receiving all necessary approvals from regulatory authorities in New Zealand and the Company receiving final regulatory approval from TSX Venture Exchange. \nAbout East West Petroleum Corp.\nEast West Petroleum Corp. (www.eastwestpetroleum.ca) is a TSX Venture Exchange listed company established in 2010 to invest in international oil & gas oppo...