Greenhawk Purchases $2.7M Debenture and Signs Letter of Intent With CG International Petroleum for an Option to Earn an Interest in Certain Oil & Gas Wells in the Doba Basin, Chad
Summary
Greenhawk shall be entitled, in its sole discretion, to make a C$10,000,000 cash payment to CGIP in lieu of the 50 million common shares issuance. Greenhawk shall be entitled, in its sole discretion, to make a C$10,000,000 cash payment to CGIP in lieu of the share issuance.Greenhawk shall be entitled, in its sole discretion, to relinquish all interests in the Transaction at any time prior to the making the Second Consideration Payment.Upon completing the Second Consideration Payment, Greenhawk will be granted a ROFR to earn 50% interest of the free cash-flow in an additional eight (8) development wells in the Doba block. Upon exercise of the ROFR, the parties shall enter a Second Farm-In whereby Greenhawk will to agree to fund 100% of the costs for re-entry of the additional eight wells.CGIP will remain the operator of the Doba Project. Greenhawk is listed on the Canadian Securities Exchange (www.thecse.com) (CSE: GRHK).Issued on behalf of the Board of Directors of Greenhawk Resources Inc. For information, please contact:Greg McKenzie, Chairman and CEOPhone: +1 (416) 504-2020Email: info@grhk.caNEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASECertain statements in this press release may contain forward-looking information which can be identified by the use of forward-looking terminology such as "believes", "expects", "may", "desires", "will", "should", "projects", "estimates", "contemplates", "anticipates", "intends", or any negative such as "does not believe" or other variations thereof or comparable terminology. Management disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable securities laws.