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GeoGlobal Resources Closes Sale Transaction
Practices
Paul, Weiss advised GeoGlobal Resources Inc. (GGR) on the closing of its sale of 54% of its common stock to the Israel Land Development Company - Energy Ltd. (ILDE), a company incorporated in Israel, for cash and 3.05% of shares of ILDE. Cash sale proceeds were used to fund GGR's commitments with regard to its oil licenses in Israel. GGR is a Delaware corporation involved in oil and gas exploration and development, and headquartered in Calgary, Alberta.
Paul, Weiss corporate partner Andrew J. Foley advised GCR on the transaction with tax advice provided by tax partner David W. Mayo.