Business
ATHABASCA OIL SANDS CORP. ANNOUNCES AGREEMENT TO ACQUIRE EXCELSIOR ENERGY LIMITED
ATHABASCA OIL SANDS CORP. ANNOUNCES AGREEMENT TO ACQUIRE EXCELSIOR ENERGY LIMITED
About this update from Athabasca Oil Corporation
[{"type":"text","content":"\n\n\n\n Sep. 13, 2010 (Canada NewsWire Group) -- \n\nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\nCALGARY, Sept. 13 /CNW/ - Athabasca Oil Sands Corp. (TSX: ATH) (AOSC) and Excelsior Energy Limited (Excelsior) (TSXV: ELE) are pleased to announce they have entered into an arrangement agreement whereby AOSC will acquire all of the issued and outstanding common shares ("Excelsior Shares") of Excelsior (the "Transaction") by way of Plan of Arrangement under the Business Corporations Act (Alberta).\nUnder the Transaction, Excelsior's shareholders will receive, for each Excelsior Share held, at the election of the holder, either (i) $0.36 cash; or (ii) 0.0347 of a common share of AOSC ("AOSC Shares"). Holders of Excelsior common share purchase warrants ("Excelsior Warrants") who do not exercise their Excelsior Warrants prior to closing of the Transaction will exchange their Excelsior Warrants for warrants to purchase AOSC Shares based on the same ratio applied to the Excelsior Shares, and expiring on the second anniversary of the closing of the Transaction. Excelsior currently has 281,175,755 Excelsior Shares outstanding and 104,165,666 Excelsior Warrants outstanding at exercise prices ranging from $0.30 to $0.32 per Excelsior Share.\nThe equity value of the transaction is approximately $144 million on a fully diluted basis, with an attributed value to Excelsior's oil sands assets and proprietary technology of approximately $89 million. The Boards of Directors of both AOSC and Excelsior have unanimously approved the Transaction. All of the directors and officers of Excelsior, and certain significant Excelsior security holders beneficially owning or controlling an aggregate of approximately 19% of the Excelsior Shares on a non-diluted basis, and 44% of the Excelsior Warrants, have agreed to vote their securities in favour of the Transaction.\...