Amadeusz Juskowiak

Greenwood resources grrl sells company stake

Greenwood Resources Inc said it has sold its 4300000 common share majority holding in New London Oil Ltd of London to an affiliate of Guinness Peat Group PLC of London and an affiliate of Sidro SA of Belgium for a total of 17000000 dlrs in cash

The company said it will apply the proceeds of the sale to support its line of credit and as part of a proposed debt restructuring with Colorado National Bancshares COLC and Greenwood shareholders

It said it will retain a seat on the New London board

Reuter