11:48:54 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Regent Ventures Ltd
Symbol REV
Shares Issued 80,154,608
Close 2011-02-22 C$ 0.09
Market Cap C$ 7,213,915
Recent Sedar Documents

Regent Ventures to extend McCallan sale

2011-02-22 15:49 ET - News Release

Mr. Richard Wilson reports

Regent Ventures Ltd. has entered into an agreement to extend the closing on the sale of its 45-per-cent interest in McCallan Oil & Gas (U.K.) Inc. to EuroGas Inc. and to revise the terms for completing the acquisition. Pursuant to the terms of this amending agreement, at closing, EuroGas will:

  • Issue to Regent, 20 million shares in the capital of EuroGas in lieu of the payment of $3-million in cash;
  • Issue to Regent two million free trading shares in the capital of EuroGas with respect to previous extensions granted;
  • Issue to Regent 2.5 million shares in the capital of EuroGas to purchase the 1-per-cent overriding royalty held by Regent over McCallan's 24-per-cent interest in the Polish oil project.

The 20 million shares and the 2.5 million shares will be subject to the usual regulatory hold periods. EuroGas has agreed to provide, in irrevocable form, at closing, all documents necessary to have the restriction from trading removed from the shares on completion of the regulatory hold period.

Closing under the agreement is targeted for March 10, 2011.

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