GRP Corporation advise that it has made significant progress on the due diligence of European Energy Limited (EEL), per the announcement to market on May 25, 2012.
The Company is also pleased to announce that it has successfully raised $420,000 through a convertible loan agreement, and hopes to complete a further funding of $1,000,000 via convertible loans in the next 60 days.
The directors are continuing their evaluation of an additional project as announced on 16th March 2012. The projects under evaluation provide a compelling investment case in the opinion of the directors and the Company hopes to enter into a binding acquisition agreement shortly on at least one of these projects.
The Company will advise the market of the outcome of the funding, due diligence and negotiations of the additional projects in the near future.
The Company would like to advise shareholders that:
After completion of Due Diligence and satisfaction of the terms of the Term Sheet, the Company will seek shareholder approval for the purposes of Listing Rule 11.1.2 for the proposed acquisition of EEL and;
The Company will be required to re-comply with the requirements of Chapters 1 and 2 of the listing rules prior to the re-instatement to trading of the Company’s securities.
Any securities issued by the Company prior to implementation of the Proposed Acquisition may be subject to escrow restrictions in accordance with the listing rules.