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Wedge issues new letter of intent for acquisition

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Published on July 21, 2010; Published on July 21, 2010
OBJ Staff

Wedge Energy International Inc. (CSNX:WEG) has extended the date to complete the previously announced acquisition of a private oil and gas explorer that works in the Middle East, the company announced Tuesday.

Although the date for the initial letter of transaction for Targetco was not released, Wedge stated the company has now extended due diligence to Aug. 6 and the final steps of the agreement to Aug. 21.

The board of directors for the junior mining firm must approve the agreement, along with shareholders.

Chief executive Robin Dow stepped down on the same day the acquisition was announced, July 12.

When contacted by OBJ the next day, he said it was "time to move on" given the new management team in place.

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