India, Aug. 20 -- Thursday, Sintana Energy Inc. (3ZX1.F) announced an agreement to acquire a 44% interest in Maravilla Oil and Gas (Pty) Ltd., a privately held, Namibian company indirectly controlled by Knowledge Katti, a Non-Executive Director of the company.
The total consideration of $6.5 million includes a $0.5 million deposit paid by the company at the time of signing the letter of intent, $0.3 million in cash, $500,000 in pre-funded expenses, and $2.5 million in newly issued Sintana common shares at $0.30 per share.
Under this transaction, Sintana would also gain an indirect 35 percent interest in Petroleum Exploration License 37 or PEL 37 offshore Namibia.
googletag.cmd.push(function() { googletag.display('div-gpt-ad-1568189509843...