Franklin Mining Inc. (FMNJ.PK) Tuesday said it completed the sale of all energy assets to a newly formed oil and gas company that would keep the name Franklin Oil & Gas, Inc. In exchange for all Franklin Mining energy assets, the company would receive a minimum 20 million shares from the newly formed company's initial issue.
The company added that the newly formed Franklin Oil & Gas, Inc. would initially focus on development of the Texas oil properties while pursuing further negotiations on gas-to-liquid, oil and hydroelectric projects in South America.
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