San Leon Energy Secures Funding For Mart Arrangement Agreement
AIM-listed San Leon Energy has announced that it has secured the funds to complete the Mart Resources Arrangement Agreement announced on22 January 2016, and the extensions announced on 18 February and 25 February 2016. Completion of the Arrangement Agreement is subject to necessary approvals.
This forms part of the broader proposed transaction outlined on 22 January 2016, and totals approx. CAD$89.26 million plus approx. US$4.5 million in transaction costs. Progress on the other elements of the proposed transaction will be announced in due course.
San Leon has provided Mart with confirmation from its investors that they will fund the agreed escrow account by 5pm Calgary time on 8 March 2016, and a further extension to the agreed funding timing has been agreed between parties to facilitate this.
Oisin Fanning, San Leon’s Executive Chairman, commented: ‘We are delighted to have secured the funds to enable this company-changing transaction to complete, subject to necessary approvals.’