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InPlay Oil Corp. Announces Completion of Strategic Pembina Cardium Oil Asset Acquisition
InPlay Oil Corp. Announces Completion of Strategic Pembina Cardium Oil Asset Acquisition ...
About this update from Inplay Oil Corp
[{"type":"text","content":"\n\n\n\n InPlay Oil Corp. Announces Completion of Strategic Pembina Cardium Oil Asset Acquisition\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 April 7, 2025\n \n\n /CNW/ - InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF) (\"\n \n InPlay\n \n \" or the \"\n \n Company\n \n \") is pleased to announce that it has closed the previously announced strategic acquisition of Cardium light oil focused assets in the Pembina area of\n \n Alberta\n \n (the \"\n \n Acquired Assets\n \n \") from Obsidian Energy Ltd. (the \"\n \n Vendor\n \n \") for net consideration of approximately\n \n $301 million\n \n (the \"\n \n Acquisition\n \n \").\n \n\n\n\n\n\n\n\n\n The highly accretive Acquisition was funded by a combination of net proceeds released to InPlay pursuant to its previously announced\n \n $32.8 million\n \n bought deal subscription receipt financing (the \"\n \n Financing\n \n \"),  an amended\n \n $330 million\n \n credit facility with a\n \n $190 million\n \n revolving credit facility, a letter of credit facility of up to\n \n $30 million\n \n , a fully drawn\n \n $110 million\n \n two-year amortizing term loan and the issuance of 54,838,709 InPlay common shares to the Vendor at a deemed price of\n \n $85 million\n \n or\n \n $1.55\n \n per share (the \"\n \n Share Consideration\n \n \"). The Share Consideration is subject to a six-month lock up period, which may be shortened in certain circumstances.\n \n\n In accordance with their terms, each one (1) subscription receipt issued pursuant to the Financing was automatically exchanged for one (1) InPlay Share concurrently with the completion of the Acquisition, and the net proceeds were released to InPlay from escrow and used to fund a portion of the cash consideration payable to the Vendor under the Acquisition.  Previous holders of subscription receipts of InPlay are not required to take any action to receive the underlying InPlay Shares. Trading in the subscription receipts on the Toronto Stock Exchange is expected to be halted today and the subscription r...