ST. HELIER, Jersey, June 30, 2017 /CNW/ - EastSiberian Plc ("EastSiberian") (NEX:ESB.H) announces that the memorandum of understanding ("MOU") entered into August 26, 2016 with Pan American Oil, Ltd ("PAO") and its sole shareholder, Hector de la Garza Poinsot, has expired. Pursuant to the MOU, EastSiberian had agreed to sell its assets relating to its oil and gas exploration opportunities in Nicaragua to PAO.
EastSiberian is disappointed with this result as management expended considerable resources in good faith to close the transaction under the MOU. Under the terms of the Confidentiality Agreement between these 2 companies, PAO is restricted from pursuing these oil and gas exploration and development opportunities in Nicaragua. EastSiberian intends to progress these opportunities independent from PAO.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Advisory Regarding Forward-Looking Statements
This press release contains certain forward-looking statements and forward-looking information (collectively referred to as "forward looking statements") within the meaning of Canadian securities laws. All statements other than statements of historical fact are forward-looking statements.
Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur.
The forward-looking statements contained in this press release are made as of the date hereof and EastSiberian does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law.
SOURCE EastSiberian Plc
For further information: EastSiberian Plc, Graeme Phipps, President, 9 Esplanade, St. Helier, Jersey, Tel: +44 7733 363 016 or +1 403 630 2367, Email: [email protected]