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Platino Energy reaches agreement regarding reimbursement claim by Pacific Rubiales Energy


Published Dec 9, 2013
Platino Energy Corp.-2

Platino Energy Corp. has reached an agreement with Pacific Rubiales Energy Corp. to settle Pacific Rubiales' claim under a reimbursement agreement (the "Reimbursement Agreement") between Platino and C&C Energia Ltd. (C&C) entered into in connection with the plan of arrangement under which Pacific Rubiales acquired C&C and Platino was spun off to the former shareholders of C&C.

As Platino has disclosed previously, the Reimbursement Agreement required Platino to reimburse C&C (now part of Pacific Rubiales) for the amount of any C&C working capital deficiency on the effective date of the plan of arrangement if an adjusted net working capital statement to be prepared by C&C indicted such a deficiency.

Tags: Platino Energy Corp.




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