Wilton Resources Reaches Settlement with Karl Hoffmann Mineral; Shares Down 8%

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Wilton Resources Reaches Settlement with Karl Hoffmann Mineral; Shares Down 8%

MT Newswires05-21

Wilton Resources (SGX:5F7) entered into a deed of settlement with Karl Hoffmann Mineral to resolve disputes related to previous financial agreements, according to a Wednesday filing with the Singapore Exchange.

Shares of the Wilton slumped nearly 8% in late Thursday morning trading.

Under the new agreement, the Singaporean oil and gas exploration company will pay Karl Hoffmann S$14.5 million, including a non-refundable US$250,000 upfront payment and the remaining US$14.25 million within three months, subject to possible extensions.

The settlement replaces previous deals, including a 2023 deed tied to the sum of $25.4 million plus interest that the company owed to Karl Hoffman.

However, if the company is unable to pay the remaining balance, the outstanding amount will revert to $25.6 million with 9% in annualized interest, backdated from October 2023.

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