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Enter Symbol
or Name
USA
CA



Ikkuma Resources Corp
Symbol IKM
Shares Issued 109,334,987
Close 2018-07-05 C$ 0.33
Market Cap C$ 36,080,546
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Ikkuma signs definitive deal to sell mid-stream assets

2018-07-05 17:55 ET - News Release

Mr. Tim de Freitas reports

IKKUMA RESOURCES SIGNS DEFINITIVE AGREEMENT FOR SALE OF MIDSTREAM ASSETS

Ikkuma Resources Corp. has entered into a purchase and sale agreement on July 4, 2018, to sell certain mid-stream assets in the Alberta foothills to an undisclosed purchaser for a total cash consideration of $23.0-million, subject to customary adjustments. The infrastructure asset sale is subject to standard industry closing conditions, as well as approval from the purchaser's board of directors and due diligence reviews.

The infrastructure asset sale represents the initial stage of the corporation's plan to divest of non-core natural gas assets. As previously announced on May 15, 2018, Ikkuma entered into a non-binding letter of intent to sell certain mid-stream assets for a purchase price of $30.0-million. A portion of the proposed mid-stream asset sale outlined in the letter of intent, representing $7.0-million of consideration, has been retained by Ikkuma and will be included in the next stage of the corporation's natural gas divestiture program through a public process with GMP FirstEnergy. Anticipated bids are expected to be reviewed by the corporation in the next 60 days.

Proceeds from the infrastructure asset sale will be used to reduce debt and to finance the corporation's $12-million flow-through obligations.

The infrastructure asset sale is expected to close on or before Aug. 31, 2018.

About Ikkuma Resources Corp.

Ikkuma Resources is a diversified growth-oriented public oil and gas company listed on the TSX Venture Exchange under the symbol IKM, with holdings in both conventional and unconventional projects in Western Canada.

We seek Safe Harbor.

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