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Upper Lake Oil and Gas announces completion of plan of arrangement
Upper Lake Oil and Gas announces completion of plan of arrangement.
About this update from Mx Gold Corp.
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION INTO THE UNITED STATES OF AMERICA OR TO U.S. NEWS\n\n\nWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA./\n\n\nCALGARY, Oct. 15 /CNW/ - Upper Lake Oil and Gas Ltd. ("Upper Lake")\nannounced today that at the special meeting of shareholders, optionholders and\nwarrantholders of Diamond Tree Energy Ltd. ("Diamond Tree") held Friday,\nOctober 12, 2007, Diamond Tree securityholders approved the previously\nannounced Arrangement involving Upper Lake, Diamond Tree and Crocotta Energy\nInc. ("Crocotta"). Of the votes cast by Diamond Tree securityholders at the\nspecial meeting, in excess of 99% were in favour of the resolution approving\nthe Arrangement. After the meeting, Diamond Tree obtained a final order from\nThe Court of Queen's Bench of Alberta approving the Arrangement. Articles of\nArrangement were subsequently filed with the Registrar of Corporations\n(Alberta) and the Arrangement became effective on Friday, October 12, 2007.\n\n\nShareholders of Diamond Tree also passed resolutions authorizing the\nshare option plan of Upper Lake and the private placement of up to $25 million\nof common shares by Crocotta. These resolutions are more particularly\ndescribed in the Diamond Tree Management Information Circular and Proxy\nStatement dated September 12, 2007 (the "Diamond Tree Circular"). Concurrent\nwith the closing of the Arrangement, Crocotta sold $12.5 million of its common\nshares, by way of private placement.\n\n\nIn connection with the Arrangement, Diamond Tree shareholders received\none share of Upper Lake for each Diamond Tree share and Crocotta acquired all\nof the issued and outstanding common shares of Diamond Tree in exchange for\nCrocotta common shares. Crocotta has advised that it has effected a 3 to 1\nshare consolidation, which was approved at the special meeting of its\nshareholders held on Thursday, October 11, 2007. The consolidation became\neffective immediately after the exchange of Crocotta shares for Diamond Tree\nshares pursuant to the Arrangement. As a result, the Crocotta common shares\nissued to the former holders of Diamond Tree common shares have been\nconsolidated on a 3 to 1 basis, resulting in Diamond Tree shareholders\nreceiving 0.3175 of a Crocotta common share (post-consolidation) in exchange\nfor each Diamon...