Century Petroleum Announces The Proposed Reverse Merger With A Nigerian Businessman
CENTURY PETROLEUM CORP (CYPE)
Company Research
Source: GlobeNewswire
NEW YORK, May 25, 2018 (GLOBE NEWSWIRE) -- Century Petroleum Corp. (OTC:CYPE) (“Century” or the “Company”) is pleased to announce that it has entered into a binding letter agreement dated as of May 25, 2018 (the “Letter Agreement”) with a leading Nigerian-based cement company, Ibeto Cement Company Limited (“Ibeto”). The Letter Agreement outlines the proposed terms and conditions pursuant to which Century Petroleum Corp and Ibeto Cement Company Limited will effect a business combination that will result in a reverse takeover of Century Petroleum by the shareholders of Ibeto Cement Company Limited (the “Proposed Transaction”). The Letter Agreement was negotiated at arm’s length. Per the Agreement, Dr. Cletus Ibeto has acquired 70% control of Century Petroleum Corp. Effective May 24, 2018, Mandla J. Gwadiso, newly appointed Chairman and CEO of Century Petroleum Corp has stepped down and Dr. Cletus M. Ibeto has been appointed as the new Chairman of the Board effective immediately. Dr Cl
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