Vancouver, B.C. - Maxim Resources Inc. (“Maxim” or the “Company”) is pleased to announce that it has entered into a binding letter agreement with arm’s length third parties to purchase all of the outstanding shares of a private Trinidad based on-shore oil producer. The purchase price is US$10,000,000 cash payable on closing plus the assumption of debt in the amount of US$1,600,000. In connection with the purchase, Maxim has also agreed to grant the vendors a 3% gross overriding royalty in perpetuity on production from the currently producing property. Finder’s fees may be payable to arm’s length third parties upon the completion of the acquisition.
The completion of the proposed purchase is subject to a number of conditions including, negotiation and execution of a definitive agreement, receipt of all required regulatory approvals, including approval of the TSX Venture Exchange, and completion of due diligence investigations by Maxim.
On behalf of the Board
President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the company's disclosure documents on the SEDAR website at www.sedar.com. The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.