Graniz Mondal Inc.
NEX BOARD : GRA.H

Graniz Mondal Inc.

November 24, 2008 16:10 ET

Graniz Mondal Inc. Announces Cancellation of Proposed Reactivation Transaction

CALGARY, ALBERTA--(Marketwire - Nov. 24, 2008) - NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Graniz Mondal Inc. ("Graniz" or the "Corporation") (NEX:GRA.H) today announced that it is not proceeding with its proposed Reactivation Transaction with Offset Energy Corporation ("Offset") as previously announced on July 18, 2008.

The Corporation entered into a letter agreement with Offset dated July 4, 2008 (the "Letter Agreement") and an amended letter agreement dated September 17, 2008 (the "Amended Letter Agreement") to complete the reverse takeover of Offset by Graniz (the "Transaction"). The Transaction, when completed, would have constituted the reactivation transaction of the Corporation, pursuant to the policies of TSX Venture Exchange Inc. (the "TSX Venture").

The Corporation completed initial filings with TSX Venture in July 2008. After initial review, TSX Venture approved the proposed structure and the Transaction was announced on July 18, 2008. Subsequent to that time, the parties agreed to amend the terms of the proposed concurrent private placement to be completed by Offset (the "Offset Private Placement").

Unfortunately, due to the world financial crisis, the parties have determined that the proposed Offset Private Placement to be completed as a condition to completion of the Transaction cannot be completed at this time.

The Corporation has spent the last couple of weeks reviewing financing alternatives and has determined that it is in the best interests of the Corporation to terminate the Letter Agreement.

The Corporation intends to continue to identify and evaluate companies, businesses or assets with a view to completing a reactivation transaction.

TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.

Contact Information

  • Graniz Mondal Inc.
    Richard-Marc Lacasse
    President
    418-564-8834