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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Jumbo Petroleum (Tier2) | TSXV:JBO | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
TORONTO, ONTARIO (TSX VENTURE: JBO) announces that has entered into a Letter of Intent, effective November 29, 2007 to sell all the outstanding shares and loan accounts of the Jumbo subsidiary company, Gigantic Canadian Petroleum Ltd. ("Gigantic") to the Company's Debenture Holders, for a total consideration of approximately $8 million. Gigantic holds all the issued and outstanding shares of Jumbo American Petroleum Company, a Nevada Corporation, which holds all of Jumbo's oil and gas interests.
The proceeds from the above sale will be used to pay off Jumbo's outstanding indebtedness to debenture holders of $7,030,000 plus accrued interest.
After this transaction Jumbo will hold a number of diamond exploration claims located in the North West Territories Canada. Jumbo will continue to pursue oil and gas and other energy opportunities.
Shares Outstanding: 55,365,992
The TSX VENTURE EXCHANGE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts: Jumbo Petroleum Corporation Glenn Laing CEO, President and Chief Operating Officer (416) 368-2114 (416) 368-3259 (FAX) Jumbo Petroleum Corporation Fred Christensen Chairman (416) 368-2114 (416) 368-3259 (FAX) Website: www.jumbodevelopment.com
1 Year Jumbo Petroleum (Tier2) Chart |
1 Month Jumbo Petroleum (Tier2) Chart |
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