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Crown Point Ventures Ltd. (the “Company”) (TSX.V: CWV) announces that it has entered into
an agreement with an arm’s-length party to acquire 100% of the issued and outstanding shares of
an Argentinian company involved in the oil and gas industry in Argentina; this company has a
team of Argentinian oil and gas professionals in place which will remain and work on the
Company’s behalf subsequent to closing. The consideration to be paid by the Company for this
acquisition will be the issuance of 500,000 common shares and 500,000 share purchase warrants,
each warrant to entitle the holder to purchase one additional common share at a price of $0.75 for
a period of two years from closing, provided that, if after the expiry of all applicable restrictions,
the closing price of the Company’s shares as traded on the TSX Venture Exchange is $1.00 or
greater for a period of 20 consecutive trading days, the Company may give notice of an earlier
expiry of the warrants, in which case the warrants will expire 21 days after the giving of such
notice.
The closing of this acquisition will be subject to each of the following conditions, and
accordingly there can be no assurance that this acquisition will be completed as proposed or at
all:
- the satisfactory completion by the Company of its due diligence investigation in
respect of the Argentinian company proposed to be acquired;
- the Company completing private placements totalling approximately $3,000,000;
- regulatory acceptance.
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