Petroamerica has agreed to acquire PetroNova Energy (PTA – TSX-V) in an all-share transaction that has been valued at approximately C$29 mm (US$23 mm). Petroamerica will issue 216 mm shares and assume C$1.6 mm of net debt. The acquisition is expected to close near the end of July 2015e, at which point Petroamerica will have approximately 1.1 billion shares outstanding. The Company plans to consolidate its shares on a 10:1 basis following the close of the acquisition.
16 Jun 2015
Petroamerica Oil Corp. Acquires PetroNova Energy in an All-Share Transaction
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Petroamerica Oil Corp. Acquires PetroNova Energy in an All-Share Transaction
Petroamerica has agreed to acquire PetroNova Energy (PTA – TSX-V) in an all-share transaction that has been valued at approximately C$29 mm (US$23 mm). Petroamerica will issue 216 mm shares and assume C$1.6 mm of net debt. The acquisition is expected to close near the end of July 2015e, at which point Petroamerica will have approximately 1.1 billion shares outstanding. The Company plans to consolidate its shares on a 10:1 basis following the close of the acquisition.