Reference is made to the notice of 23 August 2019, whereby Frontline Ltd. (“Frontline”) (NYSE and OSE: FRO) announced an agreement with Trafigura Maritime Logistics (“TML”), a wholly-owned subsidiary of Trafigura Pte Ltd ("Trafigura") and certain related entities, to acquire ten Suezmax tankers, with two separate options to acquire two plus two additional Suezmax tankers.
DALLAS, Sept. 12, 2019 (GLOBE NEWSWIRE) -- H/Cell Energy Corporation (OTCQB-HCCC) (“HCCC”), a company that designs and implements clean energy solutions featuring hydrogen and fuel cell technology, announced that it has been awarded over $1.4 million in new contracts for environmental systems and general contracting projects.
HOUSTON, Sept. 12, 2019 (GLOBE NEWSWIRE) -- Contango Oil & Gas Company (NYSE American: MCF) (“Contango” or the “Company”) today announced the launch of an underwritten public offering of shares of its common stock. The underwriters will have an option to purchase additional shares of common stock from the Company. Net proceeds from the offering are expected to be used to fund the cash portion of the purchase price for the previously announced pending acquisition of certain oil and gas properties from Will Energy Corporation (the “Pending Acquisition”) that is due at closing, and for related transaction expenses. Pending the application of the net proceeds in this manner, the Company intends to use the balance of the net proceeds from this offering to reduce borrowings under its revolving credit facility or invest in short-term securities. If the Pending Acquisition is not consummated, the Company intends to use the net proceeds from this offering for general corporate purposes, including funding future potential acquisitions or a portion of its 2019 capital program.
HOUSTON, Sept. 12, 2019 (GLOBE NEWSWIRE) -- Contango Oil & Gas Company (NYSE American: MCF) (“Contango” or the “Company”) announced today that the Company has received a commitment from JPMorgan Chase Bank, N.A., Royal Bank of Canada and Cadence Bank, N.A. to provide a senior secured reserve-based revolving credit facility of up to $500 million (the “New Credit Facility”), which is expected to replace the current credit facility which matures on October 1, 2019 (the “Existing Credit Agreement”). The initial borrowing base under the New Credit Facility is expected to be $65 million. Additionally, if the Pending Acquisition (defined below) is consummated on or prior to November 30, 2019, then, subject to certain conditions, the borrowing base is expected to increase to $80 million. The New Credit Facility will have a five year term. The New Credit Facility will be guaranteed by certain of the Company’s subsidiaries and secured by substantially all of Contango’s assets and the assets of the guarantors thereunder, including not less than 85% of the total value of the Company’s proved oil and gas properties. The commitment letter provides that the New Credit Facility is subject to certain conditions to closing, including negotiation of customary credit documents in form and substance satisfactory to the lenders.
All financial figures are in Canadian dollars unless otherwise noted
GK Resources Ltd. Announces Entry into Letter of Intent for the Acquisition of Two Laterite Nickel Deposits in Brazil
TORONTO, Sept. 12, 2019 /CNW/ - GK Resources Ltd. ("GK" or the "Company") (TSX-V:NIKL) is pleased to announce that it has entered into a letter of intent (the "LOI") dated September 9, 2019 for the acquisition of interests in (i) Guaporé Mineração Ltda. ("Guaporé") from Mineração Tanagra Ltda. ("Tanagra") and Anglo American Níquel Brasil Ltda.("Anglo American", and together with Tanagra, the "Sellers") and (ii) the rights to the outstanding balance of the existing loans owed by Guaporé to Anglo American, currently in the amount of, approximately, US$ 125,000, and all rights and obligations in connection therewith ("Transaction"). The LOI is effective from the date of its execution until the earlier of (i) the execution of a definitive share purchase agreement (the "Purchase Agreement") in connection with the Transaction and (ii) 15 November 2019. The LOI will be filed under GK's profile on SEDAR (www.sedar.com). The Purchase Agreement will also to be filed with the regulatory authorities in accordance with applicable laws of Brazil and Canada. The Company is arm's length from the Sellers.
AABB Encourages Cannabis Investors to Consider AABB Gold At $0.01 With Analyst Report Speculating $0.24 PPS
LAS VEGAS, Sept. 12, 2019 /PRNewswire/ -- Asia Broadband Inc. (OTC: AABB), today released a research analyst report published by Goldman Small Cap Research. AABB is not a cannabis sector company, but it has reported over $2 million in gross profit through the first six months of 2019 and is anticipating achieving $6 million in gross profit through the end of 2019. Asia Broadband Inc., through its wholly owned subsidiary Asia Metals Inc., is a resource company focused on the production, supply and sale of precious and base metals, primarily to Asian markets with a particular focus on Gold. AABB has recently begun expanding an existing shallow gold vein operation. As Goldman considers AABB's current $0.01 PPS to be an "absurdly low valuation," AABB management is herein attempting to get the attention of cannabis OTC market investors and have them consider adding AABB Gold to their portfolio of MJ Gold stock. The research report published today speculates that AABB can support a $0.24 PPS over the next twelve months based on peer valuations and reach a $0.09 PPS over the next 4 to 6 months. AABB closed yesterday at $0.011.
CALGARY, Alberta, Sept. 12, 2019 (GLOBE NEWSWIRE) -- Marksmen Energy Inc. (“Marksmen” or the “Company”) announces that it has entered into a Letter Agreement with a private oil and as company (“Third Party”) in Ohio, USA to plug back and recomplete up to 40 Rose Run formation wells in the by-passed Clinton Sandstone formation. Additionally, the Third Party agrees to grant Marksmen a right of first refusal (ROFR) to the end of December 2020 to participate in the drilling of horizontal Clinton Sandstone well(s) and vertical Rose Run wells. These wells are located in Portage County, Ohio on lands owned by the Third Party in the very well-established East Canton oilfield.