CALGARY,
AB, April 3, 2024 /CNW/ - Jesmond Capital
Ltd. (TSXV: JES.P) ("Jesmond" or the "Company")
announces that further to the Company's previously announced
"Qualifying Transaction" (the "Transaction") pursuant to the
policies of the TSX Venture Exchange (the "Exchange"), to
acquire Quattro Energy Limited ("Quattro"), the Company has
agreed with Quattro to terminate the proposed transaction in it's
current form.
Jesmond and Quattro have been actively engaged for over a year
attempting to secure the acquisition of certain oil & gas
assets in the North Sea both through a previously announced private
transaction and the ongoing United
Kingdom's 33rd Offshore Oil and Gas Licensing
Round. Unfortunately, the private asset transaction was not
completed prior to licence expiry and a licence extension was not
granted. Subsequent delays in securing contiguous licences have
created substantial uncertainty about the ability of Jesmond and
Quattro to complete the proposed transaction within the agreed time
frame.
Quattro has entered into a number of discussions regarding
alternative opportunities involving the acquisition of producing
assets within the UK and Africa
that may lead to a Qualifying Transaction. Accordingly, by mutual
agreement Jesmond and Quattro have determined not to further extend
the current deadline for completion of the current transaction,
though have agreed to continue to work together to seek
opportunities in the oil & gas sector. A renewed time frame for
the contemplated transaction will be announced to the market once
an alternative Qualifying Transaction has been agreed between
Jesmond and Quattro.
Jesmond will also consider transactions in other sectors in the
event a suitable oil & gas sector Qualifying Transaction is not
identified.
All information in this press release relating to Quattro
has been provided by Quattro and is the sole responsibility of
Quattro.
Completion of any qualifying transaction is subject to a
number of conditions, including but not limited to, Exchange
acceptance and if applicable pursuant to Exchange Requirements,
majority of the minority shareholder approval. Where applicable, a
qualifying transaction cannot close until the required shareholder
approval is obtained. There can be no assurance that a qualifying
transaction will be completed.
Investors are cautioned that, trading in the securities of a
capital pool company should be considered highly
speculative
The TSX Venture Exchange Inc. has neither approved nor
disapproved the contents of this news release.
Neither the TSX Venture Exchange nor its Regulation
Service Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION: This news release includes certain
"forward-looking statements" under applicable Canadian securities
legislation. Forward-looking statements include, but are not
limited to, statements with respect to the structure, terms,
conditions and proposed timing for completion of a qualifying
transaction. Forward-looking statements are necessarily based
upon a number of estimates and assumptions that, while considered
reasonable, are subject to known and unknown risks, uncertainties,
and other factors, which may cause the actual results and future
events to differ materially from those expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to: general business, economic, competitive, political and
social uncertainties; delay or failure to receive shareholder or
regulatory approvals; and the results of continued development,
marketing and sales. There can be no assurance that such statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements. Jesmond disclaims any intention or
obligation to update or revise any forward-looking statements,
whether because of new information, future events or otherwise,
except as required by law.
SOURCE Jesmond Capital Ltd.