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CanAsia Energy Corp. - Completed Purchase of Andora Minority Shares
CanAsia Energy Corp. - Completed Purchase of Andora Minority Shares Canada NewsWire ...
About this update from Canasia Energy Corp
[{"type":"text","content":"\n \n \n \n CanAsia Energy Corp. - Completed Purchase of Andora Minority Shares\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n March 27, 2023\n \n \n /CNW/ - CanAsia Energy Corp. (\"CanAsia\") (TSXV: CEC) announced today that its subsidiary Andora Energy Corporation (\"Andora\") completed the purchase of Andora common shares owned by minority shareholders for a cash payment of\n \n $0.044\n \n per share. CanAsia, which previously owned 88.2% of the Andora common shares, now owns 100% of the Andora common shares.\n \n \n \n \n \n \n \n \n \n The transaction was completed by consolidating Andora common shares so that minority shareholders of Andora each held a fractional Andora common share post-consolidation. Andora immediately redeemed those fractional shares for cash and cancelled them. The cash payment to minority shareholders of\n \n $0.044\n \n per share is based on the number of Andora common shares held by minority shareholders before the share consolidation. Holders of Andora options participated in the transaction by accepting a cash payment equal to the \"in-the-money\" value of their options. CanAsia agreed to provide to Andora sufficient funds, estimated to up to\n \n $1,900,000\n \n , to complete the transaction and pay Andora's reasonable transaction expenses.\n \n \n The transaction was approved by Andora shareholders at a special meeting earlier today. Votes were cast at the meeting by the holders of 89.56% of the Andora common shares and the level of approval was 99.99% of the votes cast by shareholders who voted.\n \n \n \n \n Instructions for Andora Shareholders:\n \n \n \n \n To receive the cash payment, a\n \n registered shareholder\n \n must first complete and sign the letter of transmittal that accompanied the Andora management information circular dated\n \n March 2, 2023\n \n and return it, together with certificate(s) representing the Andora common shares held, to Computershare Investor Services Inc. (\"Computershare\"). Additional copies of the letter of transmittal a...