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Allana Potash Corp. (TSX:AAA) announced the successful completion of the arrangement under the Business Corporations Act that will see Israel Chemicals Ltd. (NYSE:ICL), through a wholly owned subsidiary, acquire all of the issued and outstanding common shares of Allana.
Allana Potash Corp. (TSX:AAA) announced the successful completion of the arrangement under the Business Corporations Act that will see Israel Chemicals Ltd. (NYSE:ICL), through a wholly owned subsidiary, acquire all of the issued and outstanding common shares of Allana.
As quoted in the press release:
Under the terms of the Arrangement, (i) shareholders of the Company, other than Liberty Metals & Mining Holdings, LLC (“LMM”), received consideration equal to $0.50 in cash per Allana Share exchanged, and LMM received the equivalent consideration of $0.50 in ordinary shares of ICL for each Allana Share exchanged; (ii) optionholders of the Company holding Allana options (the “Allana Options”) with an exercise price of less than $0.50 (the “Option Consideration”) immediately prior to the effective time of the Arrangement (the “Effective Time”) received an amount equal to the difference between the Option Consideration and the exercise price, and such Allana Options were cancelled at the Effective Time; and (iii) all other Allana Options were cancelled at the Effective Time, without any payment in respect thereof.
The Allana Shares will cease to be listed for trading on the TSX and the OTCQX on or about the close of business on Wednesday, June 24, 2015. In addition, Allana will apply today to the relevant securities regulatory authorities to cease to be a reporting issuer in each jurisdiction of Canada in which it currently has reporting obligations.
Click here to read the full Allana Potash Corp. (TSX:AAA) press release.