Flying A cancels LOI for Were Ilu, arranges financing
Ticker Symbol: C:FAB ; FAPLF
Flying A cancels LOI for Were Ilu, arranges financing
Flying A Petroleum Ltd (2) (C:FAB)
Shares Issued 21,684,957
Last Close 10/5/2012 $0.03
Tuesday October 09 2012 - News Release
Mr. Nash Meghji reports
Further to Flying A Petroleum Ltd.'s news release of Feb. 22, 1012, negotiations on a final agreement have continued for the past several months. While it appeared at various times a signed agreement was imminent, the company has yet to receive a signed document. As such, the company will not be proceeding with the letter of intent announced on Feb. 22, 2012. While management continues to discuss a possible agreement with Falcon Petroleum, it is now vigorously investigating other investment opportunities.
Due to the length of time it has taken trying to conclude an agreement with Falcon Petroleum, the company, subject to regulatory approval, has arranged a private placement of up to $250,000 in units of the company at a price of five cents per unit. Each unit will consist of one share and one warrant, with each warrant exercisable for one year at a price of 10 cents per share. The proceeds will be used for general working capital and to investigate other investment opportunities. Finders' fees may be paid in conjunction with the private placement in accordance with regulatory requirements.
We seek Safe Harbor.
AI
