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PAN ORIENT ENERGY CORP. - SALE TO DIALOG GROUP BERHAD AND TRANSFER OF NON-THAILAND BUSINESS TO NEW COMPANY
PAN ORIENT ENERGY CORP. - SALE TO DIALOG GROUP BERHAD AND TRANSFER OF NON-THAILAND BUSINE...
About this update from Canasia Energy Corp
[{"type":"text","content":"\n \n \n \n PAN ORIENT ENERGY CORP. - SALE TO DIALOG GROUP BERHAD AND TRANSFER OF NON-THAILAND BUSINESS TO NEW COMPANY\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 June 6, 2022\n \n \n /CNW/ - Pan Orient Energy Corp. (\"\n \n Pan Orient\n \n \") (TSXV: POE) announced today that it has entered into an agreement to be acquired by a subsidiary of DIALOG Group Berhad (7277 – Bursa Malaysia) and for Pan Orient's non-\n \n Thailand\n \n business to be transferred to CanAsia Energy Corp. (\"\n \n CanAsia\n \n \"), a new company to be owned by Pan Orient shareholders.\n \n \n \n \n \n \n \n \n \n Pursuant to that agreement (the \"\n \n Arrangement Agreement\n \n \"), DIALOG Systems (\n \n Asia\n \n ) Pte Ltd., a wholly-owned subsidiary of DIALOG Group Berhad, will acquire, through a newly-incorporated\n \n Alberta\n \n subsidiary (the \"\n \n Purchaser\n \n \"), all the outstanding shares of Pan Orient by way of a plan of arrangement under the\n \n Business Corporations Act\n \n (\n \n Alberta\n \n ) (the \"\n \n Arrangement\n \n \"). A holder of a common share of Pan Orient will receive, for each such common share, cash consideration of USD\n \n $0.788\n \n and one common share of CanAsia. The cash consideration is approximately CAD\n \n $0.991\n \n at the current exchange rate. Pan Orient and DIALOG Group Berhad are at arm's length to each other, and the Arrangement is not a related party transaction.\n \n \n Pan Orient will transfer to CanAsia all of Pan Orient's non-\n \n Thailand\n \n assets, including Pan Orient's 71.8% ownership of Andora Energy Corporation (\"\n \n Andora\n \n \") and approximately CAD\n \n $7\n \n .1 million in working capital and long-term deposits. CanAsia will assume all liabilities relating to the non-\n \n Thailand\n \n business, consisting primarily of accounts payable and accrued liabilities included in working capital, the decommissioning provision in Pan Orient's financial statements, and transaction costs. Andora owns interests in oil sands leases at S...