A binding letter of agreement was signed by New Sage Energy Corp. and Caribe Oil & Gas Ltd. to jointly pursue petroleum and natural gas opportunities in Argentina.
Caribe granted New Sage the exclusive right of first refusal for an initial term of 24 months to participate for up to an 80% working interest in each of the current Caribe opportunities, as well as any other petroleum and/or natural gas exploration or development opportunities generated by Caribe in Argentina.
New Sage agreed, subject to receipt of regulatory approval, to pay Caribe $130,870 as reimbursement of its expenses in reviewing and advancing the current opportunities, and to reimburse Caribe for additional expenditures as approved in advance by New Sage for reviewing other opportunities.
The parties have also agreed that New Sage will move its head office to Calgary within 90 days of execution of the agreement.
Concurrently, New Sage intends to complete a private placement offering of up to 12,000,000 units of at a price of $0.05 per unit for gross proceeds of up to $600,000. It is a condition of the agreement that the offering is completed for minimum gross proceeds of $400,000.
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