Condor Petroleum to acquire Marsa Energy
CALGARY, Alberta -- Condor Petroleum Inc. and Marsa Energy Inc. have announced that they have entered into an agreement that provides for the acquisition of Marsa by Condor, to create a well-capitalized company with significant exploration and development assets. The acquisition will be effected by way of a plan of arrangement under the Business Corporations Act (Alberta).
Pursuant to the arrangement agreement, all of the issued and outstanding common shares of Marsa will be exchanged for common shares of Condor based on an exchange ratio of 1.84326 Condor Shares for each Marsa share held. Based on Condor and Marsa's respective 20-day, volume-weighted average trading prices, this represents a 53.7% premium to Marsa's 20-day, volume-weighted average trading price. Former holders of Marsa shares will hold 20% of the total issued and outstanding Condor shares immediately following completion of the arrangement.
