ACQUISITION / Leopardus Resources enters Acquisition Agreement
Further to a letter of intent executed September 7, 1996, Leopardus Resources
Limited (the "Company") has entered into an acquisition agreement with Zarara
Petroleum Resources ("Zarara") of Dubai, UAE, a company controlled by senior
management of the Company, to acquire its rights in the Temane Permit Area in
Mozambique (the "Temane Permit"). In consideration, the Company will issue
2,610,241 common shares having a deemed value of US $1,027,600 (CDN
$1,461,735) at CDN $0.56 per share, subject to standard resale restrictions.
A finder's fee of 188,548 shares will be payable with respect to this
transaction.
The Temane Permit consists of an area of approximately 11,770 square
kilometres encompassing the coastal city of Vilankulo, and contains the
second largest proven gas field in the Republic of Mozambique. This property
is the subject of an engineering report and valuation prepared by Sproule
International Ltd., geological and petroleum engineering consultants, a copy
of which has been filed with the Vancouver Stock Exchange and is available
for public inspection.
The foregoing transaction is subject to acceptance for filing by the
Vancouver Stock Exchange and execution of a Production Sharing Agreement
("PSA") with the Government of Mozambique, the signing of which is expected
to occur in early 1998.
For further information on the Temane Permit Area and the industry partners
participating with the Company in its development, please refer to the
Company's news release of July 31, 1997.
Leopardus Resources Limited is an international oil and gas exploration and
development company. As part of its ongoing activities, the Company is
participating with major industry partners in developing the infrastructure
necessary to serve the natural gas markets in South Africa, Zimbabwe and
Mozambique.
On behalf of the Board of Directors of
LEOPARDUS RESOURCES LIMITED
(signed)
Stuart W. Rogers
Director
For further information, please call investor relations at (888) 988-3788. |
