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Valeura Announces Closing of TBNG Acquisition and Issuance of Common Shares Pursuant to Subscription Receipts Financing
Valeura Announces Closing of TBNG Acquisition and Issuance of Common Shares Pursuant to Su...
About this update from Valeura Energy Inc.
[{"type":"text","content":"\n\n\n\nValeura Announces Closing of TBNG Acquisition and Issuance of Common Shares Pursuant to Subscription Receipts Financing\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Feb. 24, 2017\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nCALGARY, Feb. 24, 2017 /CNW/ - Valeura Energy Inc. (\"Valeura\" or the \"Corporation\") (TSX: VLE) is pleased to announce the successful completion of the following transactions, which form part of a chain of recent transactions that transform Valeura in terms of business scale, operational control, financial capability, drilling activity and production:\n\n\nthe acquisition of its joint venture partner, Thrace Basin Natural Gas (Turkiye) Corporation (\"TBNG\") for US$22 million in cash effective March 31, 2016 (the \"TBNG Acquisition\"), which after closing adjustments was reduced to a cash payment of US$20.9 million (which includes US$3.1 million held in escrow pending a final reconciliation of the closing statement of adjustments); and \nthe issuance of 14,629,000 common shares of the Corporation pursuant to 14,629,000 subscription receipts previously issued by the Corporation in connection with the underwritten private placement offering of subscription receipts (the \"Offering\"), which closed on November 3, 2016, and the release from escrow of approximately $11 million in gross proceeds. \n\n \n \n\n \n\nValeura funded the acquisition of 100% of the shares of TBNG by Valeura Energy Netherlands B.V, a wholly-owned affiliate of Valeura, with a combination of funds from the Offering and earlier payments of US$18 million received from Statoil Banarli Turkey B.V. (\"Statoil\") under the previously announced Banarli Farm-in and West Thrace Deep Rights Sale transactions.\n\nAs the final link in the chain of transactions, the Corporation will now proceed with the sale of an additional 10% participating interest to Statoil in the deep rights below 2,500 metres on the West Thrace lands for US$3 million (the \"Subsequ...