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News Breaks | | | | January 22, 2013 | | 09:34 EDT |  | GGR | GeoGlobal agrees to sell 90% of issued shares of Israeli subsidiary
GeoGlobal Resources announced that on January 16 it entered into an Agreement with a private Israeli investment group to sell 90% of the issued shares of the Company's Israeli subsidiary, GeoGlobal Resources Israel Ltd., in exchange for an Investor's Loan of $775,000 to be used to repay shareholder loans to GeoGlobal, subject to certain terms and conditions. GRL does not hold any of the ownership in the Myra, Sara and Samuel licences in Israel which are currently held in other GeoGlobal subsidiaries. Under the terms of the agreement, there is a 14 business day due diligence period. Closing is expected to take place on or before March 15, unless otherwise extended, subject to certain terms and conditions. Upon closing, $625,000 of the Investor's Loan will be paid into GRL, to be used firstly to discharge any and all third party liabilities and obligations of GRL, with the remainder to be paid to GeoGlobal by way of a repayment of previous shareholder's loans. The remaining $150,000 of the Investor's Loan will only be advanced in the event that GRL enters into a Services Contract during a period of one year from closing. | |
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