Emergo Proposes To Acquire Ivory In $21 Million Deal

摘要

Ivory Energy Inc. says it has entered into a definitive arrangement agreement with privately held Emergo Energy Inc.The $21 million transaction value includes the assumption of debt, working capital and transaction costs.The transaction will be effected by means of a court approved plan of arrangement in accordance with the Business Corporations Act (Alberta). Under the terms of the arrangement, holders of common shares of Ivory will receive four cents in cash for each Ivory share while holders of 9.5% convertible secured subordinated debentures of Ivory will receive $226.92 in cash for each $1,000 in principal amount of Ivory debentures outstanding.