Regal Resources Ltd (RER) has announced that it has renegotiated its terms for the acquisition of Magma Oils Pty Ltd. RER will now acquire 100% of Magma on the following terms:
- The funding of $3.8 million of a pilot plant to test the UCTL process;
- Issuing of a further 100,000,000 fully paid shares in Regal;
- 50,000,000 listed options in Regal;
- A 2% royalty payment for any petroleum or other valuable commercial products produce from the tenements, from applications of the UCTL, to the vendors of Magma.
The revised terms are subject to shareholder approval with a meeting likely to be held in May 2009.
