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Thursday, July 24, 2008

Union Gold signs definitive agreement

Story link: Union Gold signs definitive agreement
by Jo Black
Union Gold signs definitive agreement

Union Gold Inc. has executed an arm’s length definitive agreement on June 25, 2008 with Shoal Point Energy Ltd. (Shoal), a 100% privately owned oil and gas exploration company.

The Definitive Agreement provides, among other things, for the (i) reorganisation of Union’s share capital whereby Union will split its common shares on a 2.5 new for one old basis, (ii) a share exchange with the result that Union will acquire the issued and outstanding securities of Shoal in exchange for equivalent securities of Union, with the result being that the security holders of Shoal will hold approximately 75% of the outstanding securities of Union, and (iii) a requirement that Union will change its name to Shoal Point Resources Ltd.

 

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