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Petrox Resources Announces the Assignment of LOI for the Proposed Acquisition of the Corporation
Calgary, Alberta--(Newsfile Corp. - September 3, 2014) - Petrox Resources Corp. (TSXV: PTC) (&...
About this update from Petrox Resources Corp.
[{"type":"text","content":"Petrox Resources Announces the Assignment of LOI for the Proposed Acquisition of the CorporationCalgary, Alberta--(Newsfile Corp. - September 3, 2014) - \nPetrox Resources Corp. (TSXV: PTC) (“Petrox”) is pleased to announce that, further to its news release of July 18, 2014 in which Petrox announced that it has entered into a \nconditional, non-binding letter of intent (the “LOI”) involving an arm’s length business combination (the “Transaction”) with a private entity from the People’s Republic of China, this private entity has now \nassigned all of its rights and obligations under the LOI to its majority shareholder, a company based in Shanghai, China (the “Shanghai Company”). With this assignment, the target date for entering into a definitive agreement for the \nTransaction has been amended to October 9, 2014 and the target closing date has been amended to November 29, 2014.\n\nIn addition, Petrox announced on July 8, 2014 that it had entered into a conditional, non-binding letter of intent which sets out the basis upon which the parties will negotiate exclusively until September 2, 2014 with a view to reaching acceptable \nterms of a binding agreement pursuant to which Petrox hopes to acquire certain producing properties in Alberta (the “Properties”). Petrox is now in discussion with the vendor of the Properties, hoping to extend the date to reach \nacceptable terms of a binding agreement to a later date.\n\nTrading of the Petrox Shares has been halted and will not resume until certain TSX Venture Exchange requirements have been satisfied. Petrox will issue a further new release as soon as further details are available regarding the resumption of \ntrading and the Transaction.\n\nFOR FURTHER INFORMATION, PLEASE CONTACT: \n\nPetrox Resources Corp. \nEdwin Tam, President and CEO, or Alan Chan, CFO \nTelephone: (403) 270 – 2290 or (403) 237 - 8330 \nFacsimile: (403) 228 - 3013 \nWebsite: www.petroxresources.ca\n\nReader AdvisoryThis press release should not be considered a comprehensive summary of the terms of the Transaction described above. Additional information may be required by the TSX Venture Exchange and may be disseminated at a future date following a \nsatisfactory review by the TSX Venture Exchange.\n\nTrading of the Petrox Sha...