Deals - Acquisition, Mergers, Divestitures
Bonterra, Spartan Detail Potential Merger; Cancellation of Pinecrest Deal
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Bonterra Energy Corp. and Spartan Oil Corp. have entered into an arrangement agreement whereby Bonterra has agreed to acquire all of the issued and outstanding common shares of Spartan.
Pursuant to the terms of the Bonterra Arrangement Agreement, holders of Spartan Shares will receive 0.1169 of a Bonterra common share for each Spartan Share held and will also benefit from their Bonterra Share ownership as Bonterra has committed, subject to the completion of the Bonterra Arrangement and the terms of the Bonterra Arrangement Agreement, to increase its monthly dividend to $0.28 from $0.26 beginning March 2013.
Termination of Pinecrest ArrangementIn accordance with the terms of the arrangement agreement dated November 20, 2012 between Spartan and Pinecrest Energy Inc., the board of directors…
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