WWI Resources is the latest Canadian company to enter the Albanian energy exploration market
TIRANA, Nov. 25 – Manas Petroleum says it has entered into a binding letter of intent with WWI Resources to sell the Manas shares of its Albanian wholly-owned subsidiary in exchange for a minimum of 100,000,000 common shares and a signing bonus in cash.
That makes WWI Resources the latest Canadian company to enter the Albanian energy exploration market. It is traded on the Toronto Stock Exchange.
“We believe this is an excellent transaction for Manas as it will create significant shareholder value moving forward,” said Eric Herlyn, Chief Executive Officer of Manas Petroleum. “This transaction is consistent with Manas’ core strategy of acquiring high impact oil and gas licenses and then limiting the financial burdens and risks associated with the exploration and development.”
Completion of the transaction is subject to, among other things, completion of due diligence satisfactory to both parties, execution of a definitive agreement, receipt of all necessary regulatory and shareholder approvals and completion of a private placement in which WWI will sell 100,000,000 units at a price of $0.25 per unit for gross proceeds of (Cdn) $25,000,000.
At closing, each of WWI and Manas will appoint three directors to the board of WWI and the current officers of Manas will be appointed as officers of WWI.
