Maxim Resources Inc. (MXM.V) has entered into a non-binding heads of agreement with Leni Gas & Oil plc in connection with a proposed transaction whereby Maxim and LGO will work together to jointly pursue oilfield development opportunities in Trinidad and Tobago.
Upon signing of the agreement, LGO shall make an initial, refundable payment to Maxim of $75,000. Further payments by LGO of up to $2,425,000 in cash or freely-tradeable ordinary shares of LGO will be paid to Maxim on and after closing of the proposed transaction and the achievement by Maxim of certain performance objectives, in exchange for the issuance by Maxim to LGO of up to 30,000,000 shares of Maxim at a price of $0.08333 per share.
MXM shares were down half-a-cent at $0.035.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
