Omni Oil & Gas Executes LOI to
Acquire American Gold Resources Corp
Purchase would expand Omni's
operations from oil and gas exploration and production
to mineral mining, adding high-value claims in Alaska
and Oregon.
Dallas, TX (PRWEB ) April 15, 2008
-- Omni Oil & Gas, Inc. (OMOI.PK,
www.omnioil.com), a company specialized in oil
and gas exploration and production, announced today that
it has executed a Letter of Intent to acquire American
Gold Resources Corporation (AGRC), a privately held gold
mining company with claims in Alaska and Oregon. Omni
expects to begin the mining of placer deposits this
summer along a more than three-mile stretch of land
adjacent to the Harrison Creek, east of Fairbanks,
Alaska.
"This opportunity to participate in a high-value
commodity complementary to our oil and gas exploration
further improves our outlook and earnings projections
for 2008," stated Renn Rothrock, Omni President and CEO.
"Along those lines, we expect to be releasing results of
a third-party evaluation report within the next thirty
days on this and another potentially valuable claim."
Under the terms of the agreement, Omni will acquire 100%
of the outstanding stock of AGRC for $2,000,000 worth of
convertible preferred stock of Omni. The preferred stock
will pay dividends equal to 35% of the net value of the
revenues from the mining operations and be convertible
into common stock of Omni between the first and fifth
anniversary of the issuance of the convertible preferred
stock, at the discretion of the holders of the stock, at
a 35% discount to the average closing price of the
common stock for the preceding 30 days. On the fifth
anniversary, mandatory conversion will occur on the same
basis. Omni has the right, at anytime after the first
anniversary, to require conversion into Omni common
stock if the average closing price of Omni stock
averages more than $5/share for any consecutive 20 day
period.
About Omni Oil & Gas,
Inc.:
Omni Oil & Gas, Inc. (www.omnioil.com)
is an early stage, oil and gas development company with
offices in Texas and Colorado. The Company specializes
in the purchase, rework and enhancement of properties in
proven oil and gas fields that offer lower risk and
higher potential returns, in a shorter time period, than
through traditional means of exploration.
About InfusionCapital:
InfusionCapital
(www.infusioncapital.com),
an investment banking consultancy firm located in
Celebration, Florida, specializes in a unique,
integrated approach to capital formation. The firm has
extensive experience in assisting client companies with
each phase of capitalization and the complex processes
that accompany it. Providing access to leading
underwriters, brokerages and investors, InfusionCapital
consistently delivers its clients results through
relationships.
For more
information, contact:
Kellie Caughorn
InfusionCapital
407-566-1051
kcaughorn@InfusionCapital.com
www.infusioncapital.com
