Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Nostra Terra granted more time in Alamo takeover, after issuing extra shares

handshake - deal done

Nostra Terra has secured more time to close its deal with Alamo Resources.

The firm is targeting a 60% acquisition of Alamo’s producing assets in the Permian Basin in New Mexico. The takeover is expected to cost $3million.

Nostra Terra now has until April 29 to close the deal.

Chief executive Matt Lofgran said: “We’re pleased to have been granted the extension by the seller as we continue to progress towards closing, where we anticipate the acquisition will be financed with debt.”

Nostra Terra immediately issued 118,626,040 new ordinary shares in the company at 0.10 pence per share to Alamo Resources II to pay for the extension.

Following admission, the company’s issued share capital will consist of 3,828,204,316 ordinary shares with no ordinary shares held in treasury.

Nostra Terra plans to issue $2.7million to Alamo when the deal closes and a further $300,000 on the takeover’s one year anniversary.

The targeted assets produced a turnover of $1.8million last year and recorded a pre-tax profit of $250,000.

More from Energy Voice

Latest Posts