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| Home : Avatar Energy Ltd. to Receive Gross Proceeds of $3.12 Million for its Pembina Strawberry Creek Properties |
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Nov 23
2012 |
Avatar Energy Ltd. to Receive Gross Proceeds of $3.12 Million for its Pembina Strawberry Creek Properties |
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CALGARY, ALBERTA--(Marketwire - Nov. 23, 2012) - Avatar Energy Ltd. ("Avatar" or the "Corporation") (TSX VENTURE:AVG) is pleased to announce that, in furtherance to its previously announced strategic review process, it has entered into a binding letter agreement to sell its working interest in properties located in the Pembina Strawberry Creek area to an arm's length third party for cash gross proceeds of $3.12 million, subject to adjustment (the "Transaction"). The Transaction will close in two tranches with the first tranche (for $1,120,000) expected to close on November 30, 2012 and the second tranche (for $2,000,000) expected to close on or before February 15, 2013. The Transaction is subject to obtaining TSX Venture Exchange ("TSXV") approval and other conditions customary in transactions of this nature. |
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| Source:http://www.marketwire.com/mw/release.do?id=1729654&sourceType=3 |
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