Sonde Resources Corp. entered into sale and purchase agreement to sell Sonde North Africa B.V. for $8 million.
The acquisition is subject to certain conditions precedent that may require an amendment to Exploration and Production Sharing Agreement' (EPSA). Sonde Resources also entered into exclusivity agreement which provides for a 90-day period of exclusivity during which the parties have agreed to negotiate in good faith the terms of definitive documentation. The 90-day exclusivity period is intended to allow the purchaser to work with Sonde Resources to seek these amendments and changes to the exploratory work program under the EPSA and to obtain all required governmental approvals. In addition, the acquisition is subject to the approval of the TSX Venture Exchange and shareholders of Sonde. Sonde Resources intends to use the prepayment to fund its expenses in connection with the negotiation of the definitive documentation relating to the acquisition and for working capital.