LONDON, Dec 17 (Reuters) - Black Rock Oil & Gas Plc:
* Negotiations have now been concluded for the recapitalisation of the
company.
* Agreement had been reached with Cetus Investment Resources Inc to
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conditionally 2 million pounds for 200 million new ordinary shares of 1
pence each.
* Cetus Investment has also conditionally committed to fund the next stage
of the Company's exploration, appraisal and well development programme in
Colombia.
* It has committed to provide 5 million pounds and a maximum of 10 million
pounds either by arranging third party debt for Black Rock or itself providing
the funding either by additional equity or a shareholder loan.
* Cetus Investment is a newly-formed company established specifically to
make the investment in Black Rock and is a wholly-owned subsidiary of Zaver
Petroleum International Inc.
((London Equities Newsroom; +44 20 7542 7717))
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