Lone Oak Acquisition Corporation (stock symbol: LOKKF) has signed a non-binding letter of intent, thereby extending its corporate existence by six months. No other details have been disclosed.
Lone Oak Acquisition Corp. Has Entered into a Non-Binding Letter of Intent for a Business Combination
Press Release: Lone Oak Acquisition Corporation – Wed, Sep 19, 2012 9:03 PM EDT
NEW YORK, Sept. 19, 2012 /PRNewswire/ -- Lone Oak Acquisition Corp., a special purpose acquisition company (OTC Bulletin Board: LOKKF) (the "Company"), announced today that it has signed a non-binding letter of intent to negotiate and execute a definitive agreement to complete a business combination. Under the terms of the letter of intent, the parties have agreed to negotiate in good faith to execute a definitive merger agreement by October 31, 2012, and to close the transaction within 90 days following the date on which the agreement is executed. The Company now has until March 24, 2013 to consummate a business combination. If the Company does not consummate a business combination on or before March 24, 2013, it will distribute the proceeds held in trust to its shareholders.
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