Vancouver, British Columbia (FSCwire) - Letho Resources Corp. (“Letho” or the “Company”) (TSX-V: LET) is pleased to announce that it has engaged PricewaterhouseCoopers, AS of Stavanger, Norway (“PwC”) to provide leadership and advisory on funding the Company’s planned exploration and development of the Namibian Assets. PwC will also provide guidance on potential strategic joint ventures with potential partners in regards to the pursuit and development of the oil and gas licenses in Namibia (the “Transaction”).
Bryson Goodwin, President and CEO of Letho, comments, "The engagement of PwC and more specifically their Oil and Gas office in Norway adds capabilities and a level of project oversight not commonly associated with transactions of this nature. I would like to highlight to shareholders that PwC agreeing to act as lead corporate finance advisor on this opportunity clearly demonstrates that the industry considered experts in Oil and Gas want to represent and value the potential represented in this project. I couldn’t be more excited by what PwC’s lead means to the Company.”
Should PwC be successful in providing a final offer from a potential strategic partner and Letho enters into a binding agreement, the Transaction will be considered closed and PwC will receive a minimum contingent fee calculated out of Enterprise Value (“EV”) as follows; minimum fee of 2,500,000 NOK or whichever is greater of the following; 3% of the EV of the combined entities after the Transaction, or 6% of the total value of services exchanged between the involved parties, be it from cash, trade of services, stock, credit or debenture as the results of sale of an asset, share, licensing, acquisition of business or strategic relationship as a result of PwC’s efforts.
Letho has recently paid the first PwC invoice in the amount of 550,000 NOK (approx. CAD$87,000) as a retainer fee pursuant to the PwC/Letho Engagement Letter.
About PwC;
With offices in 157 countries and more than 208,000 people, places PwC among the leading professional services networks in the world. Some facts about PwC:
- In FY15, PwC firms provided services to 418 companies in the Fortune Global 500 and 443 in the FT Global 500.
- In 2015, they were named the 2nd most attractive employer in the world for business students by Universum.
- For the year ending 30 June 2015, PwC’s gross revenues were US$35.4 billion, up 10%, a strong performance in the face of some challenging circumstances.
To learn more about us, please visit our website at: www.lethoresources.com
ON BEHALF OF THE BOARD OF DIRECTORS OF LETHO RESOURCES CORP.
Bryson Goodwin, President & CEO
For more information, please contact:
Bryson Goodwin (604) 341-1531 or Rob Hall (604) 999-5554
Website: www.lethoresources.com
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Letho cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Letho’s control. Such factors include, among other things: risks and uncertainties relating to Letho’s ability to complete a private placement financing to satisfy the terms of the letter of intent. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Letho undertakes no obligation to publicly update or revise forward-looking information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/letho03312016_0.pdfSource: Letho Resources Corp. (TSX Venture:LET) http://lethoresources.com/
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