ST. HELIER, Jersey, June 30, 2017
/CNW/ - EastSiberian Plc ("EastSiberian") (NEX:ESB.H) announces
that the memorandum of understanding ("MOU") entered into
August 26, 2016 with Pan American
Oil, Ltd ("PAO") and its sole shareholder, Hector de la Garza Poinsot, has expired.
Pursuant to the MOU, EastSiberian had agreed to sell its assets
relating to its oil and gas exploration opportunities in
Nicaragua to PAO.
EastSiberian is disappointed with this result as management
expended considerable resources in good faith to close the
transaction under the MOU. Under the terms of the Confidentiality
Agreement between these 2 companies, PAO is restricted from
pursuing these oil and gas exploration and development
opportunities in Nicaragua.
EastSiberian intends to progress these opportunities independent
from PAO.
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.
Advisory Regarding Forward-Looking Statements
This press release contains certain forward-looking
statements and forward-looking information (collectively referred
to as "forward looking statements") within the meaning of Canadian
securities laws. All statements other than statements of historical
fact are forward-looking statements.
Undue reliance should not be placed on forward-looking
statements, which are inherently uncertain, and are subject to
known and unknown risks and uncertainties (both general and
specific) that contribute to the possibility that the future events
or circumstances contemplated by the forward-looking statements
will not occur.
The forward-looking statements contained in this press
release are made as of the date hereof and EastSiberian does not
undertake any obligation to update publicly or to revise any of the
included forward-looking statements, except as required by
applicable law.
SOURCE EastSiberian Plc