Sonde Resources Corp. announced that it has entered into a letter of intent providing for the sale of Liberty Natural Gas LLC which owns a 100% working interest in the Liberty Natural Gas LNG project.
Under the proposed sale, Sonde will receive cash consideration of U.S.$7,320,000 upon closing, plus deferred cash consideration of $17,500,000 payable upon any subsequent change of control of the Company, or following the Company’s first successful gas delivery.The proposed sale is subject to the execution of definitive documentation and government approvals which are expected within the next 60 days.
Sonde also further announced that the requisite waivers of rights of first refusal from applicable counterparties have been obtained in respect of the previously announced proposed disposition of Trinidad assets to Niko Resources Ltd., subject to certain conditions. The proposed sale to Niko remains subject to approval from the Ministry of Energy and Energy Affairs for Trinidad and Tobago. Closing is expected to occur on or before February 28, 2011, subject to extension to facilitate obtaining all required approvals.
Jack Schanck, Sonde’s President and CEO, said “We are pleased with the progress on both the Liberty project and our transaction in Trinidad. Closure on these projects will allow Sonde to continue to accelerate its investments in western Canada while we evaluate the next steps in Tunisia.”
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Source: Sonde Resources, January 29, 2011;