3MV Energy Corp. has entered into an Asset Purchase and Sale Agreement with an arms' length private energy company (the "Transaction"). 3MV has agreed to sell a land package in west central Saskatchewan, related inventory and equipment within the property (the "Assets") to the private energy company.
The purchase price of the Transaction is $9,500,000 less any usual adjustments as set out in the Asset Purchase and Sale Agreement. Closing date of the Transaction is scheduled for November 1, 2013. Closing is subject to the Purchaser obtaining financing.
The proceeds of the Transaction will be applied to reduce 3MV's trade and account payables as well as provide additional funds for future acquisitions. The sale of these assets is advances the Company's strategic goal of reducing its debt load.