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Stock Market & Financial Investment News

News Breaks
December 27, 2012
10:00 EDTSOQSonde Resources halted, news pending
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December 15, 2014
09:33 EDTSOQSonde Resources pays $15M exploratory well penalty
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09:31 EDTSOQSonde Resources executes exclusivity agreement
Sonde Resources announced that the company has executed an Exclusivity and Sale and Purchase Agreement with an arm's length party. The Exclusivity Agreement provides for a 90-day period of exclusivity during which the parties have agreed to negotiate in good faith the terms of definitive documentation to complete the sale of the shares of Sonde North Africa B.V., the company's wholly owned subsidiary that is the party to the Exploration and Production Sharing Agreement, or EPSA, for the Joint Oil Block in North Africa. The consideration for the Acquisition is $8M, less any sums paid by the purchaser on Sonde's behalf. The company will receive $2M of the purchase price in two installments: $1M upon the satisfaction of certain conditions relating to transfer of certain assets held by Sonde BV to the purchaser and $1M on January 31, 2015. The Prepayment, if paid, is non-refundable and will be applied to the negotiated purchase price of $8M. The company intends to use the Prepayment to fund its expenses in connection with the negotiation of the definitive documentation relating to the Acquisition and for working capital. The Acquisition is subject to certain conditions precedent that may require an amendment to the EPSA. The 90-day exclusivity period is intended to allow the purchaser to work with the company to seek these amendments and changes to the exploratory work program under the EPSA and to obtain all required governmental approvals. Satisfaction of these conditions is a pre-condition to the formal closing of the Acquisition.

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