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Crocotta Energy Inc announces strategic transaction with Long Run Exploration

Thursday, 12 Jun 2014 03:31pm EDT 

Crocotta Energy Inc:Enters into an arrangement agreement (Agreement) whereby Long Run Exploration Ltd. (Long Run or LRE) will acquire all of issued and outstanding common shares of Crocotta in a transaction valued at about $357 mln including debt and transaction costs assumed by LRE.Under the terms of the Arrangement each common share of Crocotta will be exchanged for 0.415 of common share of Long Run, 1.0 common share of new Montney-focused exploration and production company (ExploreCo) and 0.2 of ExploreCo common share purchase warrant (ExploreCo Arrangement Warrants).Each whole ExploreCo Arrangement Warrant will entitle the holder to acquire one common share of ExploreCo (ExploreCo Share) at exercise price of $1.70 per share at any time on or before 30 days following the closing of the Arrangement.In addition, in conjunction with the Arrangement, Crocotta and ExploreCo have entered into letter agreement with syndicate of underwriters lead by National Bank Financial Inc.To raise $30 mln through private placement of subscription receipts of ExploreCo (Subscription Receipts) at price of $1.70 per Subscription Receipt on a bought-deal basis (Subscription Receipt Offering).Gross proceeds raised under Subscription Receipt Offering will be held in escrow pending satisfaction of certain escrow release conditions, including all of the conditions required to complete the Arrangement having being satisfied or waived. 

Company Quote

-0.02 -2.38%
22 May 2015