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Long Run Exploration Ltd and Crocotta Energy Inc. announces completion of arrangement

Wednesday, 6 Aug 2014 07:30pm EDT 

Long Run Exploration Ltd and Crocotta Energy Inc:Says completion of the previously announced acquisition of Crocotta pursuant to a plan of arrangement under the provisions of the Business Corporations Act.Pursuant to the Arrangement, Long Run has acquired all of the issued and outstanding common shares of Crocotta.Crocotta shareholders received a combination of Long Run common shares as well as common shares and warrants of a newly established Montney-focused exploration company called Leucrotta Exploration Inc. to be led by Crocotta's previous management team.Says for each Crocotta share held, shareholders of Crocotta will receive 0.415 of a Long Run common share, one common share of ExploreCo, and 0.2 arrangement warrants of ExploreCo.Each arrangement warrant entitles the holder to purchase one ExploreCo common share at a price of $1.70 for a period of 30 days following closing of the Arrangement.Says the assets excluded from Long Run's acquisition of Crocotta consist of Crocotta's assets in northeast British Columbia and northwest Alberta, which were transferred to ExploreCo in connection with the Arrangement. 

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