TORONTO, Aug. 14, 2019 (GLOBE NEWSWIRE) -- Terra Nova Resources Inc. (“TNR” or “the Company”) (CSE: TENO) is pleased to announce that the Company, Perseville Investing Inc. and Oilex Ltd. (“Oilex”) have entered into an agreement whereby Oilex will acquire up to a 51.4997% interest in the PEL 112 and 444 licenses (the “Licenses”) in the Cooper-Eromanga Basins in South Australia.
Pursuant to the agreement, Oilex will acquire up to a 30.833% in the Licenses for consideration of 9,166,333 ordinary shares in Oilex at a deemed price of 0.3 cents and A$65,000, of which A$18,750 was paid on signing and $46,250 on or before September 30, 2019.
In addition, the Company has granted an option to Oilex for up to 15 months to acquire a further 20.6667% participating interest in the Licenses (the “Option”). The Option can be exercised for consideration of 20,666,700 Oilex ordinary shares to be issued to the Company at a deemed price of 0.3 cents for a total consideration of A$62,000.
About Terra Nova Resources Inc.
Terra Nova Resources Inc. is an oil and gas company that has a 51.49% working interest in two onshore petroleum exploration licenses ("PELs"), being PEL 112 and PEL 444, including a 1.47% gross overriding royalty interest on the PELs, located on the western flank of the Cooper Eromanga Basin in the State of South Australia, Australia.
For more information please contact:
CEO & Director
Terra Nova Resources Inc.
T: +1 647 302 0393
This news release contains forward-looking information relating to TNR's intentions to conduct the drilling programs and other statements that are not historical facts. Such forward-looking information is subject to important risks and uncertainties that could cause actual results to differ materially from what is currently expected, for example: risks related to oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, competition from other producers, inability to retain drilling rigs and other services, reliance on key personnel, and insurance risks.. Findings by other oil and gas issuers does not necessarily indicate that TNR will be successful in making such findings in Australia. In making such forward- looking statements, TNR have relied upon certain assumptions relating to geological settings, commodity prices, the stability of markets and currencies and the availability of capital to TNR in order to continue with the seismic and drilling programs. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While TNR may elect to, TNR is under no obligation and does not undertake to update this information at any particular time, except as required by applicable securities law.
THE CSE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Source: Terra Nova Resources Inc.
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