LONDON (Alliance News) - San Leon Energy PLC said Wednesday it has secured funds from its investors to complete its acquisition of Canadian-firm Mart Resources Inc.
This funding totals CAD89.26 million, plus an additional USD4.5 million in transaction costs, San Leon said.
San Leon was supposed to transfer the USD64.6 million consideration for Mart Resources into an escrow account by February 17, but then extended that by one week before securing another extension later in the month to the beginning of March.
On Wednesday, San Leon said that it has provided Mart with confirmation from its investors that they will fund the agreed escrow account by March 8, and has agreed a further extension to the funding timing with Mart to facilitate this.
San Leon said completion of the acquisition remains subject to necessary approvals.
"We are delighted to have secured the funds to enable this company-changing transaction to complete, subject to necessary approvals," said Executive Chairman Oisin Fanning in a statement.
Shares in San Leon were untraded Wednesday afternoon. They last closed at 29.12 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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San Leon (SLE)