Business
Eco (Atlantic) Oil and Gas Ltd. Announces JHI Acquisition - Final Court Order Obtained
TORONTO, ON / ACCESS Newswire / May 18, 2026 / Eco (Atlantic) Oil & Gas Ltd. ("Eco," "Eco Atlantic," "Company," or together with its subsidiaries, the
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"TORONTO, ON / ACCESS Newswire / May 18, 2026 / Eco (Atlantic) Oil & Gas Ltd. (\"Eco,\" \"Eco Atlantic,\" \"Company,\" or together with its subsidiaries, the \"Group\")(AIM:ECO)(TSX‐V:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to provide an update, further to the Company's announcements on March 11, 2026 and April 29, 2026, regarding its proposed acquisition of JHI Associates Inc. (\"JHI\") by way of a court-approved plan of arrangement (the \"Arrangement\").Eco confirms that, following approval by JHI shareholders, JHI has successfully obtained on May 15, 2026 the final order approval (the \"Final Order\") from the Ontario Superior Court of Justice (Commercial List) (the \"Court\"), approving the Arrangement as proposed. At JHI's annual and special meeting of shareholders held on May 12, 2026, 100% of the votes cast were in favour of the plan of Arrangement with Eco, further demonstrating an overwhelming alignment on the transaction.The only remaining conditions for final completion of the Arrangement (\"Closing\") includes receipt of Falkland Islands Government (\"FIG\") of five-year licence extension of the PL001 licence and Navitas Petroleum LP's (via its subsidiary) operatorship; JHI to have a cash balance of US$1.0 million on completion of the Acquisition; and, required TSX-V and AIM approvals.On Closing, Eco expects to issue up to, in aggregate, 96,307,811 new Common Shares, to JHI shareholders who are entitled to convert them into Eco shares upon presenting their original JHI share certificate. Each JHI shareholder, in terms of a letter of transmittal containing instructions for surrendering JHI share certificates or DRS statements, may exchange such shares for Eco Common Shares to which they are entitled pursuant to the Arrangement. Unclaimed Common Shares will be held in trust for up to six (6) years after which every unclaimed share will be cancelled and deducted from the share register. Approximately 41.5 million (45%) of the Common Shares to be issued to JHI shareholders will be subject to lock-up arrangements spanning 18 months following completion. The remaining freely tradeable Common Shares will be held by more than 1,000 different shareholders. Details for JHI Shareholders on the exact mechanism to exchange their original shares certificate can be found on ...