RE: Nice RNS13 Sep 2023 07:26
The consideration for the Acquisition will be satisfied in three tranches:
Β· an initial issue of new ordinary shares of 10 pence each in the Company ("Ordinary Shares") equivalent to US$100,000; upon completion of the Acquisition;
Β· an contingent amount of US$125,000 payable in cash or through a further issue of Ordinary Shares of an equivalent value, upon an exploration well being committed on Block 2A or a farm-out; and
Β· a contingent amount of up to US$3,000,000 payable in cash or through a further issue of Ordinary Shares of an equivalent value, upon a discovery being made on Block 2A, depending on the resource size and the growth in the price of the Ordinary Shares measured over a two year period.