GRIT International Inc.
GRIT International Inc.: PLANS OF GOING PUBLIC WITH TEXAS PETROLEUM INC. TO HAPPEN IN 2010 ALLOWING ITS SHAREHOLDERS TO BUY STOCK AT EUR0.01 PER SHARE
GRIT International Inc. / Key word(s): IPO/Letter of Intent 08.11.2010 17:23 --------------------------------------------------------------------------- GRANDE PRAIRIE, AB, Monday November 8th, 2010: GRIT International Inc., 'GRIT' (FRANKFURT: 3GR1) is pleased to confirm that the previously announced going public of its wholly owned subsidiary, TEXAS Petroleum Inc., is going to happen most likely here in 2010, which will be a major accomplishment and nothing short of an extraordinary lucrative opportunity for GRIT's shareholders, who are allowed to participate in this going public at EUR0.01 per Texas Petroleum share. Originally this going public was planned for 2011, but both the strong performance of the major global stock markets and the successful listing preparations for Texas Petroleum's going public process will enable GRIT to execute the actual listing most likely this year. STATUS OF THE LISTING PROCESS Currently Texas Petroleum's listing documents are being finalized by its lawyers, accountants, market makers and listing partners. A successful listing completion in the next few weeks will allow commencement of Texas Petroleum's stock before 2010 yearend. The intended opening price to be that of EUR0.75 per share and again all founders' shares will be under lock-up (lock-up amount to roughly total 90% of Texas Petroleum's issued and outstanding shares). SPECIAL RIGHTS FOR GRIT SHAREHOLDERS As previously announced, only Grit's shareholders will have the right to purchase Texas Petroleum shares at a price of EUR0.01 per share on a one-for-one-basis based on the equal number of Grit shares owned after market closing on December 31, 2010(Record Date). As for example, if a Grit shareholder would own 25,000 Grit shares after the markets will have closed on the Record Date, that shareholder would be entitled to purchase 25,000 Texas Petroleum shares at EUR0.01 per share. The resulting total purchase price for 25,000 Texas Petroleum shares would be EUR250. FORMAL DETAILS FOR THIS EUR 0.01 PARTICIPATION In short order GRIT will announce in detail the exact required and outlined payment procedures necessary for participation in this EUR0.01 round of said purchase prices until January 31st, 2011 (Payment Date). After which GRIT's security service providers and investment banking partners will deliver the purchased shares to all participating shareholders on or before February 28th, 2011 (Delivery Date). To participate and benefit in this EUR0.01 opportunity, which is exclusively available only to GRIT's current shareholders and those who will become GRIT shareholders upon the Record Date. GRIT's shareholders will be required to provide proof of stock ownership as that date of Friday, December 31st, 2010. Delivery of notarized account statement copies and signed and sealed bank confirmation letters proving the exact number of shares owned at the end of 2010. Based on this account information, the participating GRIT shareholders will receive documents detailing instructions for the remaining process and procedures to receive their Texas petroleum Shares. REGISTER FOR MORE PARTICPATION INFORMATION All shareholders and interested investors (non-shareholders) wishing to participate in this EUR0.01 round and would like to stay informed until the Record Date on December 31st, 2010, should email jstewart@gritintl.com. Please provide preferred contact information, email address, mailing address, phone and fax numbers, and the intended detailed GRIT share(s) amount for participation. TEXAS PETROLEUM'S BUSINESS DEVELOPMENT Currently Texas Petroleum is in the final stages with various sellers for the highly promising and proven oil and gas properties one of which has been previously announced holding 10 million barrels of oil. Which would represent an initial asset value of $870 million (based on the current oil price of roughly $87 per barrel) or EUR624 million (based on the current exchange rate of 1.40) which will result in a natural resources asset value of $10.88 or EUR7.80 per share of Texas Petroleum. Hence the intended opening price of the stock to be at EUR0.75 would seem to be a justifiable and a very conservative entry price. In order to complete the acquisition of this huge property and put it into production to generate revenue, Texas Petroleum will have to complete initially a $5 million financing, later on followed by another $5 million financing. Already GRIT now committed to raise and provide the required financing for this project for Texas Petroleum (as GRIT recently announced its new and old financings in the form of equity lines totallingEUR10 million of which at least a portion will be used for the Texas Petroleum's property acquisition). Additional financing negotiations will enable Texas petroleum to acquire several more target properties and accumulate even more natural resources assets as computed above. Currently Texas Petroleum's management and its legal and financial advisors are finalizing its new PowerPoint presentation which will be released immediately after Frankfurt Stock Exchange has approved its stock for trading (for immediate notification about the new PowerPoint presentation and other information about Texas Petroleum, please email us at jstewart@gritintl.com). At the same time Texas Petroleum will launch its new corporate website which is currently being developed by ZING/bias a leading Canadian web-design and communications firms, also providing corporate identity branding and other marketing materials. At the same time, German market maker and listing partner, RenellWertpapierhandelsbank AG, has completed its due diligence and will finalize shortly all documents to be filed with Deutsche Börse AG's Frankfurt Stock Exchange in order to fully execute Texas Petroleum's going public within the next eight weeks and to commence trading its stock before the end of 2010 which will give Grit's shareholders the huge benefit to see Texas Petroleum's stock trading at EUR0.75 before the Record Date on December 31, 2010. Furthermore Texas Petroleum's management has decided to follow GRIT's positive example and choose one of the 'Big Four' auditing firms as the company's official auditor (Deloitte, Ernst&Young, PricewaterhouseCoopers, or KPMG) as Texas Petroleum's management intends to acquire and accumulate only absolutely transparent and fully audited assets which value will be completely inlinewith International Standards on Audits(ISA) and/or Generally Accepted Auditing Standards (GAAS). By doing so the company's management wants to ensure maximum transparency for its shareholders and investors by ensuring the validity and accuracy of all acquired assets.All to be announced financials, which will ideally be assured when Texas Petroleum will constantly be audited and monitored by one of the 'Big Four' (more details to be announced concurrent to the release of the company's PowerPoint presentation). SHAREHOLDER STRUCTURE AND LOCK-UP As already previously announced, GRIT's founding and controlling shareholders have together decided and unanimously voted not to participate in this EUR0.01 round which is extremely important for Grit.This will enable GRIT as the parent company to retain control of rough fully 90% of Texas Petroleum's stock (which will result in a relatively small and tight free float).This action will provide the full benefits and all the upsides of this EUR0.01 round to GRIT's retail investors and free float shareholders only (which in return will immediately create the desired shareholder basis for Texas Petroleum as these free float shares issued to GRIT's shareholders are most likely going to be freely tradable). Furthermore the founding and controlling shareholders of GRIT have together voted unanimously deciding to leave their roughly 70 million Texas petroleum shares in the ownership and control of GRIT.Accepted by GRIT as of today; the condition that GRIT executes a lock-up of Texas Petroleum shares preventing the company from selling on or off market shares for a minimum period of 3 years (plus a possible 2 years extension option). The only lock-up exemptions will be: (a) When and if the stock of Texas Petroleum has reached and maintained a share price of EUR7.80 per share for a minimum of 90 consecutive days, then Grit will be entitled to release 2% of the issued and outstanding shares per quarter; (b) When and if Grit will be approached by an entity willing to take-over a large position or the majority of Texas Petroleum for a minimum price of EUR3.90 per share, Grit may execute such transaction, provided however that Grit guarantees all free float shareholders and retail investors tag-along rights or co-sale rights under which they could sell together with Grit at the same conditions during such transaction; (c) When and if Grit intends to re-organize its internal structure and asset holdings, the company may move these Texas Petroleum shares (in parts or in total) into other entities, including but not limited to wholly owned subsidiaries, provided however that these receiving entities will also sign this lock-up and will have to follow the same lock-up restrictions as GRIT enacted upon before. FURTHER OUTLOOK FOR TEXAS PETROLEUM In addition to the first 10 million barrel property acquisition and subsequent production starts, Texas Petroleum will target further acquisitions of both additional properties and other companies active in the fields of Oil & Gas or Energy Projects. One of the key reasons for Texas Petroleum's going public decision as its status a as publicly traded company will enable it to raise equity capital and use its stock as 'currency' for new acquisitions and takeovers, several of which management has already identified, targeted and approached. Texas Petroleum therefore is very confident to be able to release already within the first several weeks after commencement of trading on the Frankfurt Stock Exchange that of many more promising details and more various exciting news in this context. GRIT INTERNATIONAL INC. GRIT International is a Canadian based company, registered in the State of Nevada; its goal is to become the leader of paint and coatings products in North America. GRIT is already a specialized service provider of composite abrasives, blasting, paintings and coatings. It is developing additional interests and assets in minerals, oil and gas, utilities and engineering. Safe Harbour Statement; under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. Contact: GRIT International Inc., Investors Relations. Website: www.gritintl.com; E-mail: grit-admin@gritintl.com Contact: GRIT International Inc., Investor Relations Website: www.gritintl.com; E-mail: grit-admin@gritintl.com P : 780.513.1125 F : 780.814.5584 A : Suite 201, 9914 - 109th Avenue, Grande Prairie, AB, T8V 1R7 Investor Relations - German Mr. James Stewart P: 0 2161 49694870 E: jstewart@gritintl.com 08.11.2010 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de ---------------------------------------------------------------------------
Aktuelle News
Aktuelle Berichte
Keine Berichte gefunden
Anstehende Events
Keine Events gefunden
Webcasts
Keine Webcasts gefunden