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Holloman Energy Corp. confirmed that Australia's Foreign Investment Review Board (FIRB) has approved its Cooper Basin farmout transaction with Terra Nova Minerals Inc.
It is anticipated that the definitive agreement in respect of the farmout will be made effective May 11, just prior to the planned closing of the private placement financing for gross proceeds of up to $10.9 million with Macquarie Private Wealth Inc.
The net proceeds of the financing will be used to fund Terra Nova's immediate payment obligations for the seismic acquisition programs on production licenses 112 and 444.