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RedWater enters into farmout agreements to tie-in Davey Lake well


Published Oct 21, 2013
RedWater Energy Corp.-2

RedWater Energy Corp. has entered into farmout agreements with eight investors (collectively, the "Investors") for gross proceeds of $200,000 (collectively, the "Farmout Agreements") to tie-in its REC Davey 6-4-35-27 W4M oil well at Davey Lake in Alberta.

Kyle Francis, the Chief Financial Officer and director of RedWater, and George Chan, a director of RedWater, are two of the Investors thereby making the transaction a "related party transaction" as defined under Multilaterial Instrument 61-101 ("MI 61-101"). The transaction was exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as at the time the transaction was agreed to, neither the fair market value of the transaction, nor the fair market value of the consideration for, the transaction, insofar as it involves interested parties, exceeded 25% of RedWater's market capitalization.

Tags: RedWater Energy Corp.




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