The company has now completed the acquisition of a 23.8% working interest in the properties that contain the Ausable Field and other pinnacle reef prospects.
The acquisition of the first tranche of the assets was concluded by the conversion of Solo’s existing C$1.65m ($1.7m) participating loan, the payment of C$200,000 ($207,362) on signature of the Heads of Agreement in May 2011 and a further payment of C$650,000 ($673,926) at completion.
Solo will pay a further C$1.5m ($1.55m) to acquire a further 14.3% interest, and it is expected that this will be concluded shortly and the company will increase its stake to the planned 38.1% level.
