Taipan Resources Inc: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
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Taipan Resources Inc Provides Update On Proposed Merger With Lion Petroleum Corp
Taipan Resources Inc announced an update to its proposed acquisition of Lion Petroleum Corp., a private British Columbia company in exchange for 20,124,817 common shares of Taipan, as previously announced in the Company's press releases dated May17, May 31 and June 14, 2012. Taipan is in the process of preparing a comprehensive filing statement describing the Transaction which will be filed with the TSX Venture Exchange and on SEDAR and shall be available for review. The Filing Statement will contain audited financial statements for Lion for the years ended October 31, 2011 and 2010 as well as unaudited financial statements for the interim period ended January 31, 2012. Closing of the Transaction is subject to the conditions contained in the Amalgamation Agreement between Taipan and Lion including, among others, approval of the Transaction by both the Lion shareholders and the Taipan shareholders, Taipan being satisfied with its due diligence investigation of Lion, completion of the Filing Statement and clearance by the Exchange, receipt of Exchange approval to the Transaction and completion by Taipan of its previously announced non-brokered private placement . Following completion of the Transaction, Minaz (Mike) Devji will be appointed to the Taipan Board of Directors, Alec Robinson will be appointed as President, and Andrew Bell will be appointed as Chief Financial Officer (CFO).
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