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Velvet Acquisition Company Ltd.

Company Summary

Website

http://globenewswire.com/news-release/2018/10/11/1...

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  • 11/8/2018 - Velvet Energy Ltd.... (subscriber access)
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  • 10/12/2018 - Velvet Energy & Iron... (subscriber access)

Company Transactions

Date: 11/8/2018
Type: Acquisition

BUYERS:
  • Velvet Energy
  • Velvet Acquisition Company Ltd.
    • SELLERS:
  • Iron Bridge Resources Inc.
    • DETAILS:

    COST: 120 $MM

    NOTES:
    Velvet Energy announced Iron Bridge shareholders have approved the amalgamation of Iron Bridge and Velvet Acquisition Company ("VAC"). Following the decision, shareholders of 20 million Iron Bridge shares were issued one redeemable preferred share of VAC, automatically redeemed by VAC for $0.845, for each Iron Bridge share held. Total cash consideration amounted to $17 million paid to the former Iron Bridge shareholders.
    REGIONS:
  • Western Canadian Sedimentary Basin