Business
MCF Energy Acquires Additional German Hydrocarbon Interests and Announces $8MM Financing Led by $4MM from Management and Founders
MCF Energy Acquires Additional German Hydrocarbon Interests and Announces $8MM Financing Led by $...
About this update from Mcf Energy Ltd
[{"type":"text","content":"\n \n \n \n MCF Energy Acquires Additional German Hydrocarbon Interests and Announces $8MM Financing Led by $4MM from Management and Founders\n \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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Feb. 22, 2023\n \n \n /CNW/ -\n \n MCF Energy Ltd\n \n . (TSXV: MCF) (FRA: DC6) (OTCPK: MCFNF) (\"MCF Energy\" or the \"Company\") is pleased to announce that it has expanded its acquisition (\"Acquisition\") of German oil and gas interests through its purchase of all of the outstanding shares of Genexco GmbH, a private German oil and gas company.  In addition to the previously announced purchase on\n \n January 23, 2023\n \n , the Company has also included additional interests held by a German company affiliated with Genexco. This acquisition now grants MCF Energy a 20% interest in a prospective additional German oil and gas exploration licence, where a well is scheduled to be drilled in the second half of 2023. The location of the well is adjacent to a previous site that has tested quantities of natural gas that would be commercial at current prices. MCF Energy's 20% interest in the first well is carried (i.e. does not bear the costs of drilling) up to\n \n five million euros\n \n .\n \n \n An updated letter of intent (\"LOI\") dated\n \n February 21, 2023\n \n , agreed between the Company and Genexco, increases the consideration paid by the Company by\n \n three million euros\n \n , equally split between cash and MCF Energy common shares. This brings total consideration under the updated LOI to buy Genexco and its affiliated interests to\n \n 6.5 million euros\n \n in MCF Energy common shares and\n \n 4.5 million euros\n \n in cash. The right to trade the shares will be restricted, with the restriction ending in three equal tranches over a period of four, eight, and twelve months after the Acquisition. The cash and\n \n 2 million euros\n \n of shares will be released over an expected time frame of twelve months as certain targets are met, including receiving certain licences. The number of shares t...