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CruzSur Energy Announces Resolution of Dispute with Petro AP (Hong Kong) Company Limited and Procomm Investment Limited
CruzSur Energy Announces Resolution of Dispute with Petro AP (Hong Kong) Company Limited a...
About this update from Ng Energy International Corp
[{"type":"text","content":"\n\n\n\nCruzSur Energy Announces Resolution of Dispute with Petro AP (Hong Kong) Company Limited and Procomm Investment Limited\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\nCanada NewsWire\nVANCOUVER, July 2, 2019\n\n\n\nVANCOUVER, July 2, 2019 /CNW/ - CruzSur Energy Corp. (the \"Company\" or \"CruzSur\") (TSXV: CZR), is pleased to announce that the disputes with Petro AP (Hong Kong) Company Limited and Procomm Investment Limited (the \"Claimants\"), in relation with the Stock Purchase Agreement of 100% of the shares of Alianza Petrolera Argentina S.A., a company organized and existing under the laws of Argentina have been resolved.\nOn May, 2017 a Stock Purchase Agreement (amended on July, 2017) was entered into among the Company's wholly-owned subsidiary Patagonia Oil Corp. (\"Patagonia\") and the Claimants, to which Patagonia purchased from the Claimants all of their shares in Alianza Petrolera Argentina S.A. (the \"Purchase Agreement\").\nPursuant to the Purchase Agreement, Patagonia withheld from the Purchase Price a total amount of US$5,000,000 and the real estate property owned by Alianza Petrolera Argentina S.A. located at Reconquista 661, 8th floor, City of Buenos Aires (the \"Buenos Aires Property\") to cover Adjustments to Purchase Price and potential Losses, as set forth in Sections 2.3 and 8.1 of the Purchase Agreement..\nClaimants requested Patagonia the immediate release of the Holdback Amount and the Adjustment Funds, as set forth in Sections 2.2(b)(v) and 2.2(b)(vi) of the Purchase Agreement, and the transfer of the Buenos Aires Property.\nAfter long negotiations, the Company has agreed with Claimants a Settlement Agreement dated June 21, 2019, which includes: (a) payment by the Company of US$472,000 (\"Settlement Amount\"), (which amount has been paid), (b) Claimants withdrawal of any and all disputes arising, resulting or derived from the Purchase Agreement, and (c) Company and Claimants giving reciprocal releases from any and all claims and obligations of every kind and nature, resulting from or derived from the Purchase Agreement....