Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/crown-point-confirms-support-for-second-tranche-fi.shtmlCrown Point confirms support for second tranche financing with strategic investors
Crown Point Energy Inc. advised shareholders that a Special Committee of the Board has reviewed the purported "binding proposal" for
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Crown Point Energy Inc. advised shareholders that a Special Committee of the Board has reviewed the purported "binding proposal" for financing (the "Last-Minute Proposal") received from dissident shareholder LAIG Oil Investments (LAIG) and after careful consideration has determined that it is not a bona fide offer of financing.
Furthermore, Crown Point advises shareholders that based on the advice of counsel, the Last-Minute Proposal is not "binding" at all, notwithstanding LAIG's claim that it is.
Crown Point strongly disagrees with LAIG's position that its Last-Minute Proposal should replace the second tranche financing (Second Tranche) that Crown Point has arranged with a strategic Argentine investor group (the "Strategic Investors").
