Malaysia-based Liberty Resources Acquisition in an 8-K said $1.15 million (10 cents a share) has been deposited in the SPAC’s trust account, providing for a merger deadline extension until Feb. 8, 2023.
This is the first of two three-month extensions permitted under the company’s governing documents.
Liberty Resources in August inked a deal with Markmore Energy Limited to take public its subsidiary Caspi Oil Gas. The transaction represents a proforma enterprise value of $427.7 million for Caspi.
The parties have said they expecte to complete the deal within the first quarter of 2023.
If approved, the transaction would provide a minimum of $55 million. As part of the deal, Liberty will assume Caspi liabilities of $50 million and make a payment of $50 million to the current owners. Markmore Energy will also receive approximately 32.7 million shares of the combined company’s common stock. Read more.
