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Montana Exploration and Gale Force Petroleum complete acquisition arrangement


Published Sep 22, 2015
Montana Exploration Corp.

Montana Exploration Corp. and Gale Force Petroleum Inc. have completed the plan of arrangement, pursuant to which Montana has acquired all of the issued and outstanding shares of Gale Force in exchange for common shares of Montana. Simultaneously, CA$9,304,364 of Montana's secured debts and CA$374,141 of Gale Force's short-term debts (including directors' fees, trade account payables and severance pay) were converted into Common Shares.

In total, 42,751,429 Common Shares were issued to the Gale Force security holders, 93,043,640 Common Shares were issued to the converting Montana secured debtholders and 3,741,412 Common Shares were issued to the converting Gale Force short-term debtholders. Montana now has 242,287,751 total issued and outstanding Common Shares.

Tags: Gale Force Petroleum Inc., Montana Exploration Corp.




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