Africa Oil Corp

[doinit]

last news here,,,march8th,,,need new news !!!!!!!read below
http://www.lionenergycorp.com/pdf/2011-03-08.pdf

March 8, 2011
TSX.V - LEO
09/10-30
LION ENERGY ENTERS LETTER OF INTENT WITH AFRICA OIL CORP. FOR BUSINESS COMBINATION
March 8, 2011, Vancouver, BC – Lion Energy Corp. (the “Company” or “Lion Energy”) (TSX.V – LEO) is pleased to announce that it has entered into a non-binding letter of intent with Africa Oil Corp. (“Africa Oil”, AOI – TSXV, AOI - NASDAQ OMX), a publicly traded oil and gas company listed on the TSX Venture Exchange and NASDAQ OMX, which sets out the basic terms and conditions pursuant to which Africa Oil proposes to acquire all of the issued and outstanding common shares of Lion Energy. Under the letter of intent the parties will negotiate and enter into a definitive agreement pursuant to which Africa Oil will acquire Lion Energy, by way of a plan of arrangement. The letter of intent provides that each share of Lion Energy will be exchanged for 0.2 shares of Africa Oil. The Company currently has 86,118,177 common shares issued and outstanding, 2,580,000 share options with a weighted average exercise price of $0.16 per share, and 11,445,000 warrants. The Company is also obligated to issue up to 50,000 common shares in another, unrelated transaction. It is proposed that each warrant will be exchanged into an equivalent number of warrants of Africa Oil, adjusted for 0.2:1 ratio noted above.
Lion is presently a joint venture partner of Africa Oil in Kenya and Puntland (Somalia) with respect to the