Business
Chronos Resources Ltd. and Samoth Oilfield Inc. Announce Transformative Business Combination and $65.0 Million Equity Financing
Calgary, Alberta--(Newsfile Corp. - November 7, 2022) - Chronos Resources Ltd. (" Chronos ...
About this update from Lycos Energy Inc
[{"type":"text","content":"Chronos Resources Ltd. and Samoth Oilfield Inc. Announce Transformative Business Combination and $65.0 Million Equity FinancingCalgary, Alberta--(Newsfile Corp. - November 7, 2022) - Chronos Resources Ltd. (\"Chronos\") and Samoth Oilfield Inc. (TSXV: SCD) (\"Samoth\") are pleased to announce that they have entered into a definitive agreement dated November 7, 2022 (the \"Agreement\") providing for a business combination transaction (the \"Transaction\").Pursuant to the Transaction:(i) Chronos will complete an equity private placement (the \"Financing\") for maximum aggregate gross proceeds of $65.0 million; (ii) Chronos and Samoth will complete a business combination which will result in the reconstitution of the management team and board of directors of Samoth with the current management team (the \"New Management Team\") and board of directors (the \"New Board\") of Chronos. The New Management Team will be led by Dave Burton as President and Chief Executive Officer, Lindsay Goos as Chief Financial Officer, Jamie Conboy as Vice President, Exploration, Kyle Boon as Vice President, Operations and Jeff Rideout as Vice President, Land. The New Board will be comprised of Dave Burton, Kevin Olson, Ian Atkinson, Ali Horvath, Bruce Beynon, Don Cowie, and Kel Johnston. Sanjib (Sony) Gill, a partner in the Calgary office of the national law firm Stikeman Elliott LLP, will act as Corporate Secretary. In addition, Neil Roszell will serve as a Special Advisor to the New Board;(iii) the resulting issuer created from the combination of Samoth and Chronos (the \"Resulting Issuer\") will be renamed \"Lycos Energy Inc.\" (the \"Name Change\") and is expected to trade on the TSX Venture Exchange (the \"TSXV\") under the new stock symbol \"LCX\" as a Tier 1 oil and gas issuer; (iv) each issued and outstanding common share in the capital of Chronos (each, a \"Chronos Share\") will be acquired by Samoth in exchange for twenty (20) common shares in the capital of Samoth (\"Samoth Shares\") at a deemed price of C$0.035 per Samoth Share (the \"Acquisition\"), with the final number of Samoth Shares to be issued being determined based on the size of the Financing; and(v) Samoth will complete a consolidation of the Samoth Shares on the basis of one (1) post-consolidation Samoth Share (each, a \"Resulting Issuer Share\") for every eight (8) pre-conso...