MetalNRG PLC - Corporate Update - Exclusivity Agreement
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO
This announcement is for information purposes only and is not a prospectus and not an offer of securities for sale in any jurisdiction, including in
(The "Company" or "
Proposed acquisition of 75% of issued share capital of an established Romanian oil and gas operator, by a
The purpose of the exclusivity agreement is to set out the heads of terms upon which the purchasing parties will acquire 75% of the issued share capital of the operating company from the Vendor for both an upfront payment and a free-carry component of the initial development capital and the exclusivity period for the purchasers to review and carry out due diligence on the transaction (the "Transaction"). The exclusivity period has commenced and will run until 28th
Together with such other terms and conditions as may be agreed between the parties during the exclusivity period, the terms set out in the exclusivity agreement will be incorporated into legally binding contracts for the completion of the Transaction.
The parties agree that the Transaction will be subject to satisfactory completion of a comprehensive due diligence process and execution of mutually satisfactory acquisition documentation.
The Vendor will sell the operating company's shares to the purchasers with full title guarantee, free of any charges, mortgages, encumbrances or security interests of every whatsoever nature and the Transaction will be subject to shareholder and
The exclusivity agreement and subsequent contracts will be governed by English law and subject to the jurisdiction of the courts of
Each of the parties has agreed to use its reasonable endeavours to work towards completion of the Transaction by 28th
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
The directors of the Company accept responsibility for the contents of this announcement.
For further information, please contact:
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+44 (0) 20 7796 9060
Joint Broker PETERHOUSE CAPITAL LIMITED -
+44 (0) 20 7469 0930
Corporate Broker SI CAPITAL -
+44 (0) 1483 413500
This information is provided by RNS, the news service of the
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