Jamaica: Coral Sea Resources and Sagres Energy enter into letter of intent for the reverse take-over of Coral Sea Resources.

TendersInfo | September 26, 2009 | Copyright

Coral Sea Resources Inc. and Sagres Energy Inc. ("Sagres"), an international oil and gas exploration company with an offshore exploration portfolio in Jamaica, are pleased to announce that they have entered into a non-binding letter of intent today for the acquisition by Coral Sea of all the outstanding shares of Sagres (the "Acquisition"). Prior to or concurrent with the Acquisition, Coral Sea proposes to complete a brokered private placement offering of subscription receipts for gross proceeds of not less than $2.4 million (the "Coral Sea Private Placement").

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