Final Conditions Precedent to Sale of New Zealand Assets Satisfied

Rhea-AI Summary

East West Petroleum Corp. (TSXV: EW) has announced that all necessary approvals for the sale of its New Zealand assets have been received. The purchaser has secured final approvals from New Zealand Petroleum & Minerals, ensuring the fulfillment of all conditions precedent. Title transfer is set to be completed on May 30, 2024. This milestone follows a previous announcement made on April 30, 2024. The company expressed gratitude to all parties involved in the transaction.

Positive

• All conditions precedent for the sale of New Zealand assets have been fulfilled.
• Final approvals obtained from New Zealand Petroleum & Minerals.
• Title transfer scheduled for completion on May 30, 2024.
• Potential positive impact on cash flow and balance sheet from asset sale.

Negative

• No immediate indication of the sale price disclosed in the PR.
• Potential risk if the proceeds from the sale are not effectively reinvested.

Vancouver, British Columbia--(Newsfile Corp. - May 29, 2024) - East West Petroleum Corp. (TSXV: EW) ("East West" or the "Company") is pleased to report that further to its news release of April 30^th, 2024 the purchaser has now obtained final approvals from New Zealand Petroleum & Minerals and as a result all conditions precedent have been met.

Completion of title transfer will occur in New Zealand on May 30^th 2024.

The Company wishes to thank all parties involved in this transaction for their efforts in completing this transaction.

On Behalf of the Board

"Nick DeMare"

Nick DeMare,
Director & Interim CEO
604.685.9316

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/210894

FAQ

What is the latest update on East West Petroleum's New Zealand asset sale?

All conditions precedent have been met, and final approvals obtained. The title transfer will occur on May 30, 2024.

When will the title transfer for East West Petroleum's New Zealand assets be completed?

The title transfer is scheduled for completion on May 30, 2024.

What approvals were required for the sale of East West Petroleum's New Zealand assets?

Final approvals from New Zealand Petroleum & Minerals were required and have been obtained.

How might the sale of New Zealand assets affect East West Petroleum's financial position?

The sale could positively impact cash flow and strengthen the balance sheet, though the exact financial details were not disclosed.

What is the stock symbol for East West Petroleum Corp?

The stock symbol for East West Petroleum Corp is EWPMF.