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Peyto Exploration & Development Corp. Enters Into Agreement To Acquire Open Range Energy Corp.

Tuesday, 3 Jul 2012 08:00am EDT 

Peyto Exploration & Development Corp. announced that it has entered into an agreement with Open Range Energy Corp. pursuant to which Peyto will acquire all of the issued and outstanding common shares of Open Range (Open Range Shares) on the basis of 0.0696 of a Peyto common share for each Open Range common share pursuant to a statutory plan of arrangement (the Arrangement). Based on the twenty day volume weighted average trading price of the Peyto common shares on the TSX on June 29, 2012, the deemed acquisition price is approximately $175 million, comprised of the issuance of 5.2 million Peyto common shares, the assumption of an estimated $69.5 million of net debt at closing, and $10 million of transaction costs. Open Range has also granted Peyto a right to match any superior proposal and has agreed to pay a termination fee of $5.0 million to Peyto in certain circumstances, including if Open Range recommends, approves or enters into an agreement with respect to a superior proposal. 

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-0.52 -1.29%
4:00pm EDT