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An announcement from Stamper Oil & Gas ( (TSE:STMP) ) is now available.
Stamper Oil & Gas Corp. has announced an amendment to its acquisition agreement with BISP Exploration Inc., which involves acquiring five offshore Namibian oil and gas exploration blocks. The amendment reduces the initial cash payment from $7.5 million to $5 million, with the remaining $2.5 million to be paid in cash and equity after 12 months. Additionally, BISP debt holders have agreed to convert their debt into equity, reducing the cash required for the acquisition and lowering the private placement to $13 million. Stamper is also conducting a ‘sidecar’ brokered private placement to raise up to $1 million, allowing financing to be available to registered accounts in Canada. These strategic financial adjustments aim to align with shareholder interests and facilitate the acquisition process.
More about Stamper Oil & Gas
Stamper Oil & Gas Corp. operates in the oil and gas industry, focusing on exploration and development activities. The company is involved in acquiring and managing oil and gas assets, with a market focus on offshore exploration blocks, particularly in Namibia.
Technical Sentiment Signal: Sell
Current Market Cap: C$4.28M
Find detailed analytics on STMP stock on TipRanks’ Stock Analysis page.