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Petromanas Energy Inc To Acquire Gallic Energy Ltd


Tuesday, 2 Oct 2012 12:30pm EDT 

Petromanas Energy Inc and Gallic Energy Ltd. announced that they have entered into an agreement whereby Petromanas will acquire 100% of the issued and outstanding class A shares of Gallic (Gallic Shares), in exchange for common shares of Petromanas, by way of a statutory plan of arrangement. The transaction is expected to close in the fourth quarter of 2012 provided all required Gallic securityholder, court and regulatory approvals are obtained. Under the terms of the Arrangement, holders of Gallic shares will receive, in exchange for each Gallic Share held, 0.3736 of a share of Petromanas. The Exchange Ratio represents a value of approximately $0.07 per Gallic Share, based on the volume weighted average price of Petromanas Shares on the TSXV for the 10 trading days ended October 1, 2012 and a premium of 11% to the volume weighted average price of Gallic Shares on the TSXV for the same period. Pursuant to the Arrangement, all holders of Gallic warrants will receive replacement warrants of Petromanas exercisable for Petromanas Shares equal to that number of Gallic Shares which were otherwise issuable upon exercise of the Gallic warrants previously held, multiplied by the Exchange Ratio, with the exercise price adjusted accordingly. 

Company Quote

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-0.0050 -2.22%
19 Sep 2014