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    Blackbird Energy and Ruger Energy Sign Definitive Agreement

    Investing News Network
    Sep. 25, 2012 11:25AM PST
    Oil and Gas Investing

    Blackbird Energy Inc. (TSXV:BBI) has entered into a definitive securities exchange agreement dated September 24, 2012 to acquire all the issued and outstanding shares of Ruger Energy Inc., a junior oil and gas exploration and development company in Alberta.

    Blackbird Energy Inc. (TSXV:BBI) has entered into a definitive securities exchange agreement dated September 24, 2012 to acquire all the issued and outstanding shares of Ruger Energy Inc., a junior oil and gas exploration and development company in Alberta.

    As quoted in the press release:

    Pursuant to the terms of the Securities Exchange Agreement, Blackbird will issue to the shareholders of Ruger an aggregate of 39,679,537 units (each, a “Transaction Unit”) at a deemed price of $0.12 per Transaction Unit. Each Transaction Unit will comprise one common share in the capital of the Company (a “Transaction Share”) and one-half of one share purchase warrant (a “Transaction Warrant”) exercisable at a price of $0.24 until April 5, 2014. In total, 39,679,537 Transaction Shares and 19,839,768 Transaction Warrants will be issued.

    Blackbird Chief Executive Officer and Director Garth Braun said:

    We are very pleased to be taking this next critical step towards closing of the Acquisition. The transaction will provide Blackbird with a significant enhancement to the management team, a substantial cash injection to facilitate future drilling plans, and graduate Blackbird to becoming an operator in both Saskatchewan and Alberta.

    Click here to read the Blackbird Energy (TSXV:BBI) press release

    See this press release on Marketwire
    Click here to see the Blackbird Energy (TSXV:BBI) profile

    oil and gas explorationblackbird energy inc.tsxv:bbigarth braun
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