(MENAFN- ProactiveInvestors)Mart Resources (CVE:MMT) has granted bidder Midwestern a second extension to find the money to fund its takeover offer. Midwestern now has until 19 August to raise the finances it needs to carry through the deal. If by then the finances are not in place Mart can terminate the arrangement and receive a C$5.8 mln reverse break fee. If the deal does not go through Midwestern has agreed to pay Mart's portion of a corporate tax liability out of the break fee. Mart financed the development of Midwestern's Umusadege oil field in Nigeria in return for a share a share of the field's production.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.