Although the sale of Asamera Minerals (TSE) recently fell through, the company says it has received indications of interest from various parties regarding the purchase of the company.
Corona (TSE) had offered to purchase substantially all the assets of the company in return for its common shares. The deal was subject to due diligence studies by the two companies. As a result of the studies, it was discovered that Asamera was exposed to potential tax liabilities stemming from the sale, and that Corona was exposed to certain environmental liabilities attached to a subsidiary of Asamera.
The environmental liability relates to a wholly owned subsidiary of Asamera Minerals, Asamera Oil U.S., which had been in the oil refining business in Denver, Colo.
In 1988 the Environmental Protection Agency listed a landfill site in Denver as a potential environmental problem. Asamera was listed along with a number of other companies as being liable for any cleanup which might be necessary. The EPA is studying the situation. Although no definite problem has been identified, Corona was not willing to accept the risk.
Gulf Canada Resources (TSE) indirectly controls 92% of Asamera Minerals through its wholly owned subsidiary Asamera Inc.
Be the first to comment on "Asamera still for sale"