Reef Resources Ltd. Announces Closing of Transaction With Solo Oil PLC
Investing News Network - July 12th, 2011
Reef Resources Ltd. (CVE:REE) announces that Solo Oil Plc has acquired the first portion of a 38.1% direct working interest in the Company’s South Western Ontario assets.
Reef Resources Ltd. (TSXV:REE) announces that Solo Oil Plc has acquired the first portion of a 38.1% direct working interest in the Company’s South Western Ontario assets.
The press release is quoted as saying:
Solo is now working with Reef who, under the May 24, 2011 Heads of Agreement, is required to conclude an additional CDN$1.5 million of funding from a third-party in order to meet the required conditions by Solo in providing a further CDN1.5 million against agreed work plans to acquire a further 14.3% interest.
