Mergers & AcquisitionsBy The Online Investor Staff, updated Fri., Feb. 3, 11:33 AM
|This Slide: #74 of 100|
Slide #74. Saturn Oil & Gas Inc. — Ridgeback Resources Inc.
Saturn Oil & Gas Inc. (CVE:SOIL.CA)
Ridgeback Resources Inc.
Saturn Oil & Gas Inc. ("Saturn" or the "Company") (TSXV: SOIL) (FSE: SMKA) (OTCQX: OILSF) is pleased to announce that it has entered into an arms-length arrangement agreement (the "Agreement"), to acquire Ridgeback Resources Inc. ("Ridgeback") a privately held oil and gas producer focused on light oil in Saskatchewan and Alberta, for a transaction value ("TV") of $525 million1 ($516 million using the Offering Price for the Consideration Shares), by way of statutory plan of arrangement under the British Columbia Corporations Act ("BCBCA") (the "Ridgeback Acquisition"). The Ridgeback Acquisition is expected to close in Q1 2023 (the "Closing Date"), subject to receipt of all regulatory and shareholder approvals.
Saturn Oil & Gas is engaged in the business of developing energy and resource assets in Saskatchewan, Manitoba and British Columbia. Co. is in the process of exploring its mineral properties and has not yet determined whether the mineral properties contain ore reserves that are economically recoverable. The recoverability of the amounts shown for mineral properties and their related deferred exploration costs is dependent upon the existence of economically recoverable reserves, the ability Co. to obtain necessary financing to complete the development of those reserves and upon future profitable production.
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