Finance & Investing | Deals - Acquisition, Mergers, Divestitures | Capital Markets
Red Mountain Ups Ownership in Permian-Focused Co.
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Red Mountain Resources Inc. has filed a Form 8-K on February 1, 2013, pertaining to its acquisition of additional shares of common stock of Cross Border Resources Inc.
The following describes the transaction:
Pursuant to privately negotiated transactions, Red Mountain Resources Inc. recently acquired 5,091,210 shares of common stock of Cross Border Resources Inc. from a limited number of stockholders of Cross Border in exchange for the issuance of 10,182,420 shares of the Company’s common stock, bringing the Company’s total ownership to approximately 77.9% of the outstanding Cross Border common stock.
Cross Border is an oil and gas exploration company which owns mineral and lease acres in New Mexico and Texas. As of September 30, 2012, Cross Border had approximately 866,000 gross…
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