/NOT FOR DISSEMINATION IN THE
TRADING SYMBOL: TSX-V: WWI
Additionally, WWI will issue up to an additional 150,000,000 common shares to Manas as follows:
1. 100,000,000 common shares upon the completion of the first well by Manas Albania; 2. 25,000,000 common shares upon receipt of a report prepared pursuant to National Policy 51-101 confirming that Manas Albania has 2P reserves of not less than 50,000,000 barrels of oil equivalent; and 3. upon Manas Albania being in receipt of a report prepared pursuant to National Instrument 51-101 confirming that Manas Albania has 2P reserves in excess of 50,000,000 barrels of oil equivalent ("boe"), for each 50,000,000 boe over and above the initial 50,000,000 boe, an additional 500,000 common shares will be issued to a maximum of 25,000,000 common shares to Manas.
Closing of the transaction is subject to, among other things, completion of due diligence, execution of a definitive agreement, all necessary regulatory and shareholder approvals being obtained and completion of a private placement of 100,000,000 units at a price of
Both WWI and Manas will appoint 3 directors to the board of the resulting issuer and Manas management will provide management. The management personnel to be provided by Manas are as follows:
Erik Herlyn CEO -
Ari Muljana, CFO - Ari Muljana is a Master of Science in Computer Science (University of
The 6 directors to be provided by WWI and Manas will be provided when candidates are identified.
Manas
The proceeds of the unit financing will be used for the setup of a bank guarantee, seismic works, reprocessing of acquired seismic data and other geological and geophysical expenditures, overhead costs and other general and administrative expenditures and a first drilling of a well.
WWI will issue up to 15,000,000 options to directors, officers, employees, consultants and charities at a price of
Upon closing of the acquisition of Manas
"Completion of the transaction is subject to a number of conditions, including Exchange acceptance and disinterested Shareholder approval. The transaction cannot close until the required Shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the Filing Statement to be prepared in connection with the transaction, any information release or received with respect to the RTO may not be accurate or complete and should not be relied upon. Trading in the securities of WWI Resources Ltd. should be considered highly speculative.
The foregoing information may contain forward-looking information relating to the future performance of the Company. Forward looking information is subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Such risks and other factors include, among others, the actual results of exploration activities, changes in world commodity markets or equity markets, the risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes, change in government and changes to regulations affecting the oil and gas industry, and other risks and uncertainties detailed from time to time in the Company's filings with the Canadian securities administrators (available at www.SEDAR.com). Forward-looking statements are made based on various assumptions and on management's beliefs, estimates and opinions on the date the statements are made. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking information contained herein. The Company undertakes no obligation to update forward-looking statements if these assumptions, beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
Neither 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.
For further information: Gordon Keep, Secretary and Chief Financial Officer, Suite 3123, 595 Burrard Street, Vancouver, BC, V7X 1J1, Tel: (604) 609-6110
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