Independent corporate finance and investment advisory firm, specialising in smaller quoted and larger unquoted companies
Petrocapital Resources announces that it has made an application for its shares to be traded on the XETRA market in Frankfurt. It is anticipated that the trading facility will come into operation on or around 12th August 2008. The Company has appointed 886 Wertpapierhandelsbank GmbH as its sponsoring broker for the XETRA trading facility.
The Company is also pleased to announce that in furtherance of its new investment strategy that it has taken an assignment of a letter of intent from Jurby Corporation, for nominal consideration, comprising an option to acquire a staged investment stake in Almas International Trading Company JSC, a Kazakhstan company, involved in hydrocarbon exploration in the Mangistau region of Kazakhstan.
Under the terms of the LOI, the Company has the rights to acquire up to 50% of Almas for $54m in three stages, as follows:
10% for $8m in 2008
20% for $23m in 2009
20% for $23m in 2010
In the event that the Company resolves to progress this opportunity it will involve significant due diligence and additional fundraising. The Company will make a further announcement in due course.