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PMI Resources Ltd. announces option agreement to acquire Patagonia Oil Corp.
PMI Resources Ltd. announces option agreement to acquire Patagonia Oil Corp. Canad...
About this update from Ng Energy International Corp
[{"type":"text","content":"\n\n\n\nPMI Resources Ltd. announces option agreement to acquire Patagonia Oil Corp.\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, March 2, 2017\n\n\n\nVANCOUVER, March 2, 2017 /CNW/ - PMI Resources Ltd. (\"PMI\" or the \"Company\") (TSXV: PMI), is pleased to announce that it has entered into an option agreement effective February 28, 2017 (the \"Option Agreement\") with Blue Pacific Assets Corp.,  (\"Blue Pacific\") relating to the acquisition of 100% of the shares of Patagonia Oil Corp. (\"Patagonia\"). \n\nPMI continues to prepare the necessary documents to complete the Pentanova Energy Corp RTO and hopes to complete the acquisition in the near future.\n\nAbout Patagonia\n\nPatagonia is a private corporation focused on oil and gas plays in Argentina. Patagonia has entered into preliminary agreements or letters of interest to acquire several oil and gas exploration, development and producing assets in Argentina (the \"Assets\"). Patagonia is also currently in negotiations to potentially acquire additional assets in Argentina. Details of the specific acquisitions will be provided at later date upon receipt of reserve reports in compliance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities and the finalization of necessary confidentiality provisions with respect to the Assets.\n\nProposed Transaction\n\nPursuant to the Option Agreement, the Company has the right to acquire all of the issued and outstanding shares in the capital of Patagonia by paying: (i) U.S.$10,000 to Blue Pacific, (ii) reimbursing all documented reasonable expenses incurred by Patagonia in connection to the negotiations related to the Assets; and (iii) assuming all liabilities and obligations of Patagonia in connection with the acquisition of the Assets.  Patagonia and Blue Pacific are both at arm's length with the Company and are both incorporated under the laws of the British Virgin Islands.\n\nThe Patagonia transaction is considered a Fundamental Acquisition by the TSX Venture Exchange and therefore trading...