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UPDATE: Sea Dragon Formalizes Second Amended Agreement for NPC Egypt Acquisition; Shares Up 8% But Close to Year Lows

Sea Dragon Energy Inc. (SDX.V) has entered into a Second Amended and Restated Share Purchase Agreement with Golden Crescent Investments Ltd.

Sea Dragon will now have until August 8, 2012 to complete the acquisition of NPC Egypt(subject to a 10 day extension). Golden Crescent will be entitled until August 1, 2012, to solicit and entertain alternative proposals. If Golden Crescent receives a proposal it wishes to accept prior to August 1, 2012, it may terminate the Second Amended Agreement without any penalty or payment in favour of Sea Dragon of the previously contemplated termination fee; or right of Sea Dragon to match any alternative proposal.

SDX rose 8% in mid-morning trade but is just above year low 6 cents. It is now trading at $0.065. Shares traded is about 2,000.

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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.

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