Key Developments: American Eagle Energy Corp (AMZG.OB)
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Latest Key Developments (Source: Significant Developments)
American Eagle Energy Corp Announces $4.0 Million Private Equity Placement
American Eagle Energy Corp announced that the sale of 4,000,000 shares of its restricted common stock to Power Energy Holdings LLC. The purchase price was $1.00 per share and the transaction closed on January 4 , 2013. The per-share sale price represents an approximate 22% premium to the December 31, 2012 closing price of American Eagle's common stock. Full Article
American Eagle Energy Corp Announces Another Spyglass Area Acquisition
American Eagle Energy Corp announced that the acquisition of additional working interest in several of the Company's operated properties in the Spyglass area from SM Energy Company. The purchase price of $9,100,000 includes SM Energy's working interest in four different spacing units operated by American Eagle. This transaction, which closed on January 4, 2013 and has an economic effective date of September 1, 2012, is the second of the two pending acquisitions referenced by the Company in the January 2, 2013 announcement of its financing agreement with Macquarie Bank Ltd. The Company will initially own 55% of the acquired interest and its Spyglass Property joint venture partner will own the remaining 45%. Full Article
American Eagle Energy Corp Acquires Additional Spyglass Interest
American Eagle Energy Corp announced the acquisition of additional working interest in several key non-operated spacing units in the Spyglass Project area. The purchase price is $8,000,000 , of which 30% was paid on December 31 with the balance due and payable by June 30, 2013 , has an economic effective date of November 1 , 2012. The seller is an affiliate of one of the Company's non-operating partners in the Spyglass Project area. This transaction, which closed on December 31, 2012 , is one of the two pending acquisitions referenced by the Company announcement of its $18 million financing agreement with Macquarie Bank Ltd. Full Article
Eternal Energy Corp. Announces Sale Of Partial Interest In West Spyglass Prospect And Pebble Beach Prospect In North Dakota
Eternal Energy Corp. announced that the Company, along with its working interest partner and pending merger partner, American Eagle Energy Inc. (American Eagle), and a third party signed a Purchase and Sale Agreement for the sale by Eternal Energy and American Eagle of 75% of their respective working interests in the West Spyglass Prospect located in western Divide County, North Dakota and eastern Sheridan County, Montana. Eternal Energy also announces today that is has agreed to sell 75% of its working interest in certain of its acreage in the Pebble Beach Prospect, which lies within the area of mutual interest of the West Spyglass Prospect. Gross proceeds to be received from the West Spyglass Prospect sale will be approximately $13.8 million, which will be divided equally between Eternal Energy and American Eagle. Post-closing, the Company and American Eagle will collectively retain a 25% working interest in the West Spyglass Prospect acreage and will remain the operator on that acreage. Gross proceeds to be received from the Pebble Beach Prospect sale will approximate $1.9 million, all of which are to be received by Eternal Energy. The number of net acres included in the Pebble Beach Prospect sale is 1,440. Post-closing, the Company will retain a 25% working interest in the Pebble Beach Prospect acreage and will remain the operator on that acreage. Full Article
American Eagle Energy Inc Announces Commencement of Final Steps in Merger with Eternal Energy Corp.
American Eagle Energy Inc announced the commencement of the final steps in its merger with Eternal Energy Corp. American Eagle Energy's stockholders have approved the merger and the Securities and Exchange Commission has declared Eternal Energy's Registration Statement effective. American Eagle Energy currently anticipates that the merger will close by early December following final regulatory filings. At the closing of the merger, AMZG's stockholders will receive approximately 3.641 shares of Eternal Energy's common stock for each share of AMZG common stock that they own on November 28, 2011. As of the closing, the combined company will have approximately 45,560,000 shares outstanding. Upon the closing of the merger, the combined company will complete a 1-for-4.5 reverse stock split to reduce the number of outstanding shares of common stock to approximately 45,560,000 and will change its name to 'American Eagle Energy Corporation'. At that time, the ratio of stockholdings between the companies, exclusive of any presently outstanding options, will be approximately 80% for the legacy AMZG stockholders and approximately 20% for Eternal Energy's legacy stockholders. Full Article
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