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Vanoil Energy Ltd Announces Confirmation of Intention to Acquire Fluormin PLC


Tuesday, 26 Mar 2013 02:44pm EDT 

Vanoil Energy Ltd announced that it confirms its intention to acquire the entire issued and to be issued share capital of Fluormin PLC and the entry into of the Implementation Agreement. The Independent Vanoil Directors have been advised that the Independent Fluormin Directors will recommend the Acquisition to Fluormin Shareholders. The Independent Vanoil Directors have been advised that the IndependentFluormin Directors will recommend that Fluormin Shareholders approve the acquisition by Vanoil (or a wholly owned subsidiary of Vanoil) of the entire issued and to be issued ordinary share capital of Fluormin (the Acquisition). Fluormin is not currently subject to the jurisdiction of the Panel onTakeovers and Mergers. Accordingly, the Acquisition will not be subject to the City Code on Takeovers and Mergers. the terms of the Acquisition, Fluormin is valued at USD27 million.In consideration for the purchase of the entire issued and to be issued share capital of Fluormin, Vanoil will issue an aggregate of: approximately 45,000,000 Vanoil Shares, based upon a price of USD0.60 per Vanoil Share; approximately 31,973,667 CAD1.00 Warrants, entitling the holder to subscribe for one Vanoil Share at any time during the two year period immediately following the Acquisition; and approximately 6,500,000 CAD0.75 Warrants, entitling the holder to subscribe for one Vanoil Share at any time prior to March 13, 2014. 

Company Quote

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30 Sep 2014