RE: oyster17 May 2019 12:49
about one third…...It was announced on 4 March 2019 that Northbay Capital Partners Corp. and Gunsynd had reached conditional agreement ("Agreement") with Oyster to settle aggregate debts of CAD1,426,500 owed to them by Oyster in exchange for the outstanding share capital of Oyster's wholly-owned operating subsidiary, Oyster Oil & Gas Limited ("Subco"), established under the laws of the British Virgin Islands. Northbay and Gunsynd are currently in discussions with a third party to raise money for the Subco to progress further work on the Madagascar licence. We maintain our belief that this asset has great potential. This change in strategy will hopefully see that realised. Advancing this project is now a priority for Gunsynd alongside the Human Brands IPO.
Oyster's production sharing contracts in Madagascar and Djibouti are held through Subco.
The Agreement is subject to the approval of the shareholders of Oyster, which Oyster intends to seek at a meeting of shareholders in the near term. It is also subject to the review and approval of the TSX Venture Exchange.
The future board composition of Subco is still under discussion and a further announcement will be made in due course.