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Universal Resource and Services Ltd Enters Into Non-Binding Memorandum Of Understanding With Calgary Petroleum Co., Limited

Monday, 11 Nov 2013 06:39am EST 

Universal Resource and Services Ltd announced that the Company on November 11, 2013 entered into a non-binding memorandum of understanding (MOU) with Calgary Petroleum Co., Limited (Vendor) (the Company and the Vendor, together the Parties) for the proposed acquisition by the Company of 57.64% of the total issued and paid up share capital of Hongkong New Wing Energy Development Company Limited (Target), a wholly owned subsidiary of the Vendor, comprising 5,764 shares in the Target (Sale Shares) (Proposed Acquisition). The Proposed Acquisition will result in the Company acquiring an ultimate effective equity interest of approximately 49% in Challedon Service Ltd (Challedon), a wholly owned subsidiary of the Target (Challedon and the Target, together the Target Group). On the Completion Date, the Vendor shall grant the Company an option to subscribe for new additional shares in the Target, which shall be exercisable for three years from the Completion Date, until the Company acquires an ultimate effective equity interest of 85% in Challedon at an exercise price per additional share to be agreed on between the Parties (Option). 

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