Some more of my homework -CAMAC Energy announces divestiture of...

Some more of my homework -

CAMAC Energy announces divestiture of China gas block
Saturday, 28 Jul, 2012
CAMAC Energy Inc announced that it has signed a definitive share sale and purchase agreement to divest its interest in the
Zijinshan Gas Block in China to Leyshon Resources Limited a natural resources mining company based in Beijing.
Under the agreed terms, CAMAC Energy will divest its wholly-owned Hong Kong subsidiary Pacific Asia Petroleum
Limited for a cash consideration of USD 2.5 million and 10 million fully paid ordinary shares in Leyshon. The transaction is
expected to close within 14 days.
The Company was advised by Somerley Limited in Hong Kong.
Dr Kase Lawal Chairman and CEO said "CAMAC Energy is pleased to execute this definitive share sale and purchase
agreement with Leyshon Resources for the sale of our Chinese assets. In addition to providing a cash infusion and a
shareholder interest in Leyshon, this transaction also eliminates the Company's future financial obligations for overhead and
exploration expense in China. All proceeds and savings will be reinvested in our African exploration projects. Finally, I'd like
to thank all of our employees in China for their years of dedicated service, and I wish them well as they join the team at
Leyshon Resources."
Source - CAMAC Energy Inc
(www.