CALGARY, ALBERTA -- (Marketwired) -- 07/16/15 -- Mart Resources, Inc. (TSX: MMT) ("Mart" or the "Company") announces that further to its press release of June 15, 2015, Midwestern Oil & Gas Company Ltd. ("Midwestern") has advised Mart in writing that negotiations are continuing towards the completion of a financing ("Midwestern Financing") sufficient to enable Midwestern to complete the acquisition of Mart's shares.
Under the current terms of the Arrangement Agreement (as amended), Midwestern has until July 26, 2015 to complete the Midwestern Financing. If Midwestern has not completed the Midwestern Financing by July 26, 2015, Mart is able to terminate the Arrangement Agreement and compel Midwestern to provide to Mart the benefit of the CAD$5.8 million reverse break fee contemplated by the Arrangement Agreement (as amended).
Additional information regarding Mart is available on the Company's website at www.martresources.com and under the Company's profile on SEDAR at www.sedar.com.
Forward Looking Statements and Risks
This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words 'expect', 'anticipate', 'continue', 'estimate', 'guidance', 'objective', 'ongoing', 'may', 'will' and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this press release contains forward-looking information and statements pertaining to, among other things, the timing of completion of the Midwestern Financing and/or the Arrangement. There is no certainty that the Midwestern Financing or the Arrangement will be completed.
Mart believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct. The forward-looking information and statements included in this press release are not guarantees of future performance and should not be unduly relied upon. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements including, without limitation, the completion of Midwestern Financing and the completion of the Arrangement. There is no assurance that Mart will be able to collect from Midwestern the reverse break fee contemplated by the Arrangement Agreement (as amended).
The forward-looking information and statements contained in this press release speak only as of the date of this press release, and Mart does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.
NEITHER THE TSX NOR ITS REGULATION SERVICES PROVIDER (AS THE TERM IS DEFINED IN THE POLICIES OF THE TSX) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
Contacts:
Mart Resources, Inc. - London, England
Dmitri Tsvetkov
Interim CEO and CFO
+44 207 351 7937
dmitri.tsvetkov@martresources.com
www.martresources.com
Mart, Resources, Inc. - Canada
Sam Grier
403-270-1841
sam.grier@martresources.com
www.martresources.com