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Bonterra Energy Corp Enters Into Definitive Agreement to Combine With Spartan Oil Corp.


Wednesday, 12 Dec 2012 06:30am EST 

Bonterra Energy Corp and Spartan Oil Corp. announced that they have entered into an arrangement agreement (the Bonterra Arrangement Agreement) whereby Bonterra has agreed to acquire all of the issued and outstanding common shares (the Spartan Share") of Spartan (the "Bonterra Arrangement"). Pursuant to the terms of the Bonterra Arrangement Agreement, holders ("Spartan Shareholders") of Spartan Shares will receive 0.1169 (the "Exchange Ratio") of a Bonterra common share (the "Bonterra Shares") for each Spartan Share held and will also benefit from their Bonterra Share ownership as Bonterra has committed, subject to the completion of the Bonterra Arrangement and the terms of the Bonterra Arrangement Agreement, to increase its monthly dividend to $0.28 from $0.26 beginning March 2013. Under the terms of the Bonterra Arrangement Agreement, Spartan has agreed that it will not solicit or initiate any inquiries or discussions regarding any other business combination or sale of assets. Spartan has granted Bonterra the right to match any superior proposals. The Bonterra Arrangement Agreement also provides for a reciprocal non-completion fee of $12.5 million under certain circumstances. 

Company Quote

46.96
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25 Nov 2014