Tearlach Resources Ltd
Symbol C : TEA
Shares Issued 43,087,844
Close 2011-02-25 C$ 0.06
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Tearlach secures $18.72-million in court case
2011-03-01 17:24 MT - News Release
Mr. Charles Ross reports
SUPERIOR COURT OF CALIFORNIA AWARDS JUDGEMENT TO TEARLACH
The Superior Court of California awarded Tearlach Resources Ltd. and its California subsidiary judgment on Feb. 1, 2011, in case No. S-1500-CV-264931-DRL (consolidated with S-1500-CV-266707, SPC) against Western States International Inc., United Pacific Energy Corp. (formerly known as Gas and Oil Technologies Inc.) and Ingrid Aliet-Gass in the sum of $18,724,901.58.
Due Dilligence on News and new MD&A
TEA.V – Tearlach Resources Limited
Assets: ($1.7 mil total) $1 mil in Mineral assets, $700k in O&G
Shares Outstanding: 43 million
TEA has been idle since 2008, when the company filed a lawsuit against its JV partners during their oil project program. The oil project is based in Bakersfield, California which holds the fourth largest US oil reserve. The JV was for 1000 acres and several producing wells that have been on since 2003.
Since then, TEA has been working on its Ontario PGM projects with a 2011 work program already scheduled. Now with funding, TEA should easily be able to fund current and future projects. They also have other projects on the go, and may also continue with their O&G assets.
On February 1, 2011 the Company obtained a complete dismissal of the legal actions against the Company and also obtained judgement in the amount of $18,724,901.58 against Western States International, Gas and Oil Technologies and Ingrid Aliet- Gass. The Company will proceed with realizing on the Kern Front property. This will assist the Company in meeting its obligations and providing capital for future development. Resolution of the legal actions will also enable the Company to raise capital on more favourable terms.
The Company intends to raise flow-through funding to support its 2011 work program. The Company is seeking joint venture partners to assist in the financing of continued exploration and development of its properties and may also consider an outright sale of its properties provided such can be completed on terms and conditions acceptable to the Company. The Company is endeavouring to acquire revenue projects that will provide cash flow. At such time as the Company acquires a revenue project it may seek a combination of debt and equity financing to fund operating requirements.
The reason TEA has to raise money is because they aren’t going to be receiving the $18.75 million just yet, so they need to have some prior funding in place for the 2011 programs. Dependent on the terms, TEA could be getting monthly payments, asset payments, ect. Plus the payment of $18.75 million is going to be split up amongst the three interest parties( Western States International Inc, United Pacific Energy Corp, and Ingrid Aliet-Gass.
$18.75 million is roughly $0.435 cents a share in cash, so with new work programs, assets, new JV’s, the stock has lots of room to move.
Edited by thedude4599 - 3/2/11 at 9:52am