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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (9579)	10/22/2014 8:11:39 AM
From: Goose94	Respond to of 203866

Petro One Energy (POP-V) Oct 22, '14 had closed a private placement of $3,260,842.75 on Oct. 7, 2014. Petro One had also received confirmation from Korea Myanmar Development Company Ltd. that that KMDC intended to wire the balance of the funds owing to fulfill its contractual obligations in respect of the non-brokered private placement announced on July 28, 2014, within the next 14 days. The Company had not received those funds as of the close of business on October 21, 2014. Instead, the Company received an email from KMDC which suggests that additional time will be required for KMDC to meet its funding obligation. The Company does not propose to grant any further extensions. KMDC remains contractually obligated for the balance of PP#1 and, in addition, to advance $14,000,000 to the Company not later than November 7, 2014 for the drilling fund provided for in the July 25, 2014 Earning and Joint Venture Agreement. KMDC has not met its obligations relating to PP#1, but its obligation to advance $14,000,000 for the drilling fund has not yet fallen due. Management has considered the Company's position at length and has determined it to be in the best interests of the Company and the Company's shareholders to wait until the November 7, 2014 deadline for all of the KMDC funding has passed before determining the most appropriate course of action. Management will to make decisions regarding the Company's future dealings with KMDC on the basis of facts as they exist at that time.