Sea Dragon Announces Mutual Termination of Agreement with Golden Crescent
July 22 2012 - 5:12PM
PR Newswire (Canada)
Sea Dragon Energy Inc Shares Issued 376,459,358 Last Close
7/20/2012 $0.045 Mr. Said Arrata reports TORONTO, July 23, 2012
/CNW/ - Sea Dragon Energy Inc. and Golden Crescent Investments Ltd.
have entered into a termination agreement pursuant to which Sea
Dragon and Golden Crescent have mutually agreed to terminate the
second amended and restated share purchase agreement dated May 10,
2012, between Sea Dragon and Golden Crescent in respect of the
acquisition, directly or indirectly, by Sea Dragon of all of the
issued and outstanding shares of National Petroleum Company Egypt
Ltd. In accordance with the terms of the agreement, the remaining
$2-million (U.S.) of the deposit which Sea Dragon previously paid
into escrow shall be returned in full to Sea Dragon. In light of
the uncertainty regarding the date on which the Acquisition could
be completed, Sea Dragon and Golden Crescent decided jointly to
terminate the Agreement and not to proceed with the Acquisition.
Prior to the decision to terminate the Agreement being reached by
the parties, Sea Dragon had made arrangements for financing with
banks and private equity funds to provide for sufficient funds to
allow the Acquisition to close as planned. As Sea Dragon will no
longer be issuing common shares or preferred shares of Sea Dragon
to Golden Crescent as partial consideration for the purchase price
of the Acquisition, Sea Dragon will not be proceeding with the
proposed share consolidation of its common shares ("Consolidation")
which was approved by the Sea Dragon shareholders at the special
meeting held on April 30, 2012. In the event that Sea Dragon
shareholders forwarded share certificates to Sea Dragon's transfer
agent, Equity Financial Trust Company, in anticipation of the
completion of the Consolidation, such certificates will be returned
to the shareholder as soon as practicable. Based on current funds
available to Sea Dragon and ongoing cash flow from its existing
operations, Sea Dragon believes it will have adequate working
capital to fund its scheduled capital programs for the balance of
2012 and into 2013. Sea Dragon continues to investigate
opportunities for the expansion of its asset base. We seek Safe
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