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Slide #100. Petromanas Energy Inc. — Gallic Energy Ltd.
Acquirer:
Petromanas Energy Inc. (PMI.CA)
Acquiree:
Gallic Energy Ltd. (GLC.CA)
Details:
Petromanas Energy Inc. and Gallic Energy Ltd. are pleased to jointly announce that they have entered into an agreement whereby Petromanas will acquire 100% of the issued and outstanding class A shares of Gallic, 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 ("Gallic Shareholders") will receive, in exchange for each Gallic Share held, 0.3736 of a share of Petromanas (the "Exchange Ratio"). 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 TSX Venture Exchange (the "TSXV") for the ten 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.
PMI Resources is an exploration stage company engaged in the acquisition and exploration of oil and gas properties in Albania.
Open the PMI.CA Page at The Online Investor »
PMI Resources is an exploration stage company engaged in the acquisition and exploration of oil and gas properties in Albania.
Open the GLC.CA Page at The Online Investor »
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