Saturn Oil & Gas Inc. Acquires Corex Resources Ltd. for C$302 Million
What happened
Saturn Oil & Gas Inc. is acquiring all issued and outstanding common shares of Corex Resources Ltd. for C$302 million, after adjusting for Corex’s net debt. The transaction is structured as a plan of arrangement under the Business Corporations Act in Alberta. Shareholders of Corex have the option to receive cash, Saturn common shares, or a combination of both.
From simcoereformer.ca
Why it matters
The acquisition establishes a parent-subsidiary relationship between Saturn and Corex. The value of the Saturn shares used in the deal is based on a deemed price of $7.17 per share, which is calculated using the 20-day volume-weighted average price of Saturn shares on the Toronto Stock Exchange.
From simcoereformer.ca
Who's involved
- SaturnAcquiring all issued and outstanding common shares of Corex Resources Ltd.
- CorexThe company being acquired by Saturn Oil & Gas Inc.
- AzimuthCorex’s majority shareholder, which receives Saturn Shares as consideration
- Toronto Stock ExchangeThe stock exchange used to calculate the value of Saturn Shares in the acquisition
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- AzimuthSpeculative
Azimuth might see changes in its funding structure due to receiving Saturn Shares as part of the consideration.