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Provider: Reuters Investment Profile
Provider: Thomson Reuters Stock Report
Provider: Wright Reports
Provider: Plunkett Research, Ltd.

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Blackbird Energy Inc and Pennant Energy announce arrangement agreement and proposed business combination

Tuesday, 18 Feb 2014 12:21pm EST 

Blackbird Energy Inc:Says the company and Pennant Energy Inc (Pennant) have entered into an arrangement agreement dated Feb. 17, 2014 (the Arrangement Agreement).Says whereby Blackbird will acquire all of the outstanding shares of Pennant from the shareholders of Pennant (the Pennant Shareholders) in exchange for shares of Blackbird on the basis of one Pennant share for 0.42857 corresponding shares of Blackbird (the Transaction).The Transaction is structured as a plan of arrangement pursuant to the Business Corporations Act, and is expected to result in Pennant becoming a wholly-owned subsidiary of Blackbird and Blackbird continuing to trade on the TSX Venture Exchange under the trading symbol BBI.Says the consolidated entity is expected to carry on business as an oil and liquids focused emerging producer.Upon closing, the former shareholders of Pennant are expected to hold about 15.66 pct of the issued and outstanding common shares of Blackbird on an undiluted basis, and about 14.65 pct of the issued and outstanding common shares of Blackbird. 

Company Quote

0.065 +20.31%
2 Sep 2014