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Blackbird Energy and Pennant Energy announce arrangement agreement


Published Feb 20, 2014
Blackbird Energy

Blackbird Energy Inc. and Pennant Energy Inc. have entered into an arrangement agreement dated February 17, 2014 (the "Arrangement Agreement"), whereby Blackbird will acquire all of the outstanding shares of Pennant from the shareholders of Pennant (the "Pennant Shareholders") in exchange for shares of Blackbird on the basis of one Pennant share for 0.42857 corresponding shares of Blackbird (the "Transaction").

The Transaction is structured as a plan of arrangement (the "Arrangement") pursuant to the Business Corporations Act (British Columbia) (the "Act"), and is expected to result in Pennant becoming a wholly-owned subsidiary of Blackbird and Blackbird continuing to trade on the TSX Venture Exchange under the trading symbol "BBI". The consolidated entity is expected to carry on business as an oil and liquids focused emerging producer.

Tags: Blackbird Energy, Pennant Energy Inc.




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