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Artisan Energy acquires MOGL Corp & Spur Energy Corp


Published Nov 27, 2014
Artisan Energy Corporation

Artisan Energy Corporation has completed its previously announced acquisition of all of the issued and outstanding shares (the "Acquisition") of each of MOGL Corp. (MOGL) and Spur Energy Corp. (Spur), private oil and gas exploration and production companies with operations in Western Canada.

Total consideration paid by Artisan for all of the issued and outstanding shares in the capital of MOGL consisted of 10,810,000 units of Artisan ("Acquisition Units") at a deemed price of $0.25 per Acquisition Unit and 4,800,000 common shares of Artisan (each, an "Artisan Common Share") at a deemed price of $0.25 per Artisan Common Share.

Each Acquisition Unit consists of one Artisan Common Share and one common share purchase warrant of Artisan, each warrant entitling the holder thereof to purchase one Artisan Common Share at a price of $0.30 per Artisan Common Share for a period of one year from the closing date of the Acquisition. The outstanding bridge loans owed by MOGL referred to in our October 1, 2014 press release, being $1.2 million in the aggregate, were converted into common shares of MOGL immediately prior to the completion of the Acquisition.

Tags: Artisan Energy Corporation, MOGL Corp.




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