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Arcan Forming New Company, Miura in Acquisition by Aspenleaf
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Arcan Resources Ltd. has announced the plan of arrangement involving the recapitalization and acquisition of Arcan by privately owned Aspenleaf Energy Limited.
Under the Arrangement, Arcan's shareholders will exchange each Arcan share for one common share and 0.1 of a common share purchase warrant in a new company, Miura Energy Ltd.
Miura will become an independent company that will own 12.5 percent of the interest held by Arcan in its oil and gas properties in the Swan Hills area of Alberta. Each whole Miura Warrant will be exercisable for one common share of Miura at an exercise price of $0.43 for a period of 9 months following completion of the Arrangement.
Terry McCoy, Arcan's Chief Executive Officer said: "This Arrangement will restructure the economic foundation of Arcan. By…
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