Deutsche Rohstoff AG
Correction of a release from 30.05.2014, 07:46 CET – Deutsche Rohstoff AG: Sucessful closing of Tekton asset sale
Deutsche Rohstoff AG / Key word(s): Disposal 30.05.2014 09:37 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Deutsche Rohstoff: Successful closing of Tekton asset sale Net cash inflow of USD 220 million/Option for additional USD 60 million Heidelberg/Denver. Tekton Energy announced the termination of the due diligence period by the buyer and previous cooperation partner Extraction Oil & Gas, Denver. The sale of the Windsor project has been closed and in addition to the previously received down payment of USD 18 million in April, Tekton will receive another USD 202 million. The combined payments result in a net cash inflow of USD 220 million. The total amount has already been paid into Tektons bank account. The cash inflow, exceeding the agreed purchase price by USD 20 million, is a result of the agreement that the purchase will apply with an effective date of 1 January 2014. The buyer has refunded all expenditures incurred from 1 January, and in return received all the proceeds from that date. The difference between incurred cost and revenue accounted for USD 20 million. Tektons current total cash on hand has increased to USD 225 million. The company has no material liabilities to other parties than Deutsche Rohstoff. Titus Gebel, CEO of Deutsche Rohstoff AG commented: 'We are very happy that the sale was completed as agreed in the contract. The transaction is a great success in our companies short history. The proceeds and the gained experience in the US Oil & Gas business give us the opportunity to grow dynamically by using our own resources. Our team in th US can now fully focus on the development of new projects.' The shareholders of Tekton Energy have decided to repay the loan and accrued interest amounting to USD 39 million to Deutsche Rohstoff and to distribute the remaining proceeds to the shareholders of Tekton Energy, only USD 1.5 million will remain in the company. Deutsche Rohstoff USA, the 100% subsidiary of Deutsche Rohstoff AG, which had invested USD 30 million of equity in Tekton will receive a payout of approximately USD 129 million. Tekton will remain the owner of the so called 'Magpie' acreage covering total area of 560 acres which the management considers to be very economic. Extraction holds a purchase option for the acreage which will have to be exercised before the beginning of a drilling program by the latest in March 2015. In case Extraction exercises the option Tekton will receive another USD 60 million. Deutsche Rohstoff plans to further increase its activities in the US Oil & Gas business. In the upcoming weeks further details will be published. Heidelberg, 30 Mai 2014 Deutsche Rohstoff (Heidelberg, Germany), listed in the Entry Standard segment of Frankfurt Stock Exchange, is establishing a new primary producer. The company's focus is placed on oil & gas and so called high tech metals such as tin, tungsten, and rare earth metals. All projects are located in political stable countries with high environmental standards. The business concept is based on redeveloping deposits, which have been well explored in the past. For more information please visit www.rohstoff.de. Contact: Deutsche Rohstoff AG Thomas Gutschlag Tel. +49 6221 871 000 info@rohstoff.de 30.05.2014 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Deutsche Rohstoff AG Friedrich-Ebert-Anlage 24 69117 Heidelberg Germany Phone: 06221-87100-11 Fax: 06221-87100-22 E-mail: gutschlag@rohstoff.de Internet: www.rohstoff.de ISIN: DE000A0XYG76, DE000A1R07G4, WKN: A0XYG7, A1R07G Indices: Entry Standard (Performance TOP 30) Listed: Freiverkehr in Berlin, Düsseldorf, Stuttgart; Frankfurt in Open Market (Entry Standard) End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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