Brief: Victory Energy says executed letter of intent for proposed business combination between co, Lucas Energy

Victory Clean Energy

04/02/2015 13:06

Feb 4 (Reuters) - Victory Energy Corp  VYEY.PK : 
 * Have executed a letter of intent and term sheet for a proposed business 
   combination between co, Lucas Energy 
 * Expect that funding of these obligations will come from a variety of sources, 
   including certain affiliates of Victory 
 * Expect business combination will involve issuance of equity by Lucas to 
   victory's shareholders with no cash payment being made 
 * Expect upon completion of deal,shareholders of co,co's partner navitus energy 
   group will own more than majority of Lucas shares 
 * Victory and Lucas are also negotiating the terms of a funding agreement 
 * Co,lucas see funding to come from sources including some co's units;sources 
   see funding needs of approximately $12 million during deal 
 * Kenneth Hill,current CEO of Victory Energy to serve as CEO of the combined 
   company 
 
* Source text for Eikon  ID:nMKWKZlzVa  
 
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