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ub Energy Inc.(TSXV:KUB) and Anatolia Energy Corp.(TSXV:AEE) have entered into a strategic arrangement in which Cub acquire all the issued and outstanding common shares of Anatolia in exchange for common shares of Cub.
Cub Energy Inc.(TSXV:KUB) and Anatolia Energy Corp.(TSXV:AEE) have entered into a strategic arrangement in which Cub acquire all the issued and outstanding common shares of Anatolia in exchange for common shares of Cub.
As quoted in the press release:
Pursuant to the terms of the Transaction, shareholders of Anatolia will receive 0.106 of a Cub Share for each Anatolia Share held . The Exchange Ratio represents a market-to-market exchange ratio based on the 10 day volume weighted average trading prices of the shares of each of Cub and Anatolia on the TSX Venture Exchange as at April 24, 2013. The board of directors of each company has approved the Transaction.
Cub’s CEO, Mikhail Afendikov, said:
This is an exciting and important development for Cub as we continue to expand and diversify our operations within the Black Sea region. We are very excited at the prospect of acquiring Anatolia. We believe the benefits of the combined entity provide existing Cub shareholders exposure to a strategic partnership with a suite of assets in Turkey. We believe that the Anatolia team have progressed the Dadas Shale resource oil play and we are thrilled to be able to participate in the further development and de-risking of this project
To view the whole press release, click here.