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Mart Resources and Delta Oil terminate arrangement agreement


Published Dec 15, 2015
Mart Resources, Inc.

Mart Resources, Inc. says that, due to prevailing market and industry conditions, Mart and Delta Oil Nigeria B.V. (Delta) have mutually agreed to terminate the arrangement agreement dated October 16, 2015 (the "Arrangement Agreement").

The Company and Delta have also mutually agreed that Delta will not proceed with the previously announced private placement of units, which was conditional upon shareholders first approving the Plan of Arrangement set out in the Arrangement Agreement.

Mart intends to continue to examine and consider strategic alternatives available to the Company to maximise shareholder value. FirstEnergy Capital of London, U.K. and Calgary, Canada continue to act as Mart's financial advisor in the strategic alternatives process.

Tags: Delta Oil & Gas, Mart Resources




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