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Palliser Oil & Gas provides update on proposed Maha amalgamation


Published Nov 4, 2014
Palliser Oil & Gas Corporation-3

Palliser Oil & Gas Corporation says that the proposed amalgamation of the Company and Maha Energy Inc. (Maha) pursuant to an amalgamation agreement between the Company and Maha dated July 30, 2014 (the "Amalgamation Agreement") will be modified and delayed.

In particular, the proposed bond financing by Maha will not be advanced at present. Negotiations are underway amongst Maha, Palliser and Palliser's lender to modify and extend the terms of the existing credit facilities in order to complete the proposed amalgamation. Maha is also reviewing the opportunities for equity financing and looking to advance a private placement share issuance along the lines proposed in the Amalgamation Agreement as a condition of closing.

Tags: Palliser Oil & Gas Corporation




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