11th Feb 2019 14:19
LONDON (Alliance News) - Mayan Energy Ltd said Monday that its investee company Petroteq Energy Inc will buy a 50% stake in the operating rights and interests of a licence in Utah, US.
Petroteq said it will buy the rights relating to oil sands under US federal oil and gas leases encompassing approximately 8,480 gross acres.
Petroteq will pay a total consideration of USD10.8 million of which USD1.8 million are payable in cash and USD9.0 million in shares. The firm will issue 15 million shares at 60 US cents per share.
Mayan Energy owns 1.0 million shares in Petroteq with an associate 1.0 million 3-year warrants at 90 US cents.
Mayan Energy shares were trading down 3.7% at 0.13 pence each.
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