Jura Energy
Corporation (Jura Energy) agreed to acquire all the issued and outstanding
shares of Spud Energy Pty Limited (Spud Energy), a private oil and gas company,
from Eastern Petroleum Limited (Eastern Petroleum), a private investment holding
company, in a reverse takeover transaction as Eastern Petroleum Strengthens its Presence in Pakistan.
The transaction is valued at
CAD10.11m ($9.79m) based on the pre-consolidation closing price of CAD0.02
($0.02) on November 22, 2011. To facilitate the acquisition, Jura Energy will
consolidate its 131,772,869 outstanding shares on a 10 for one basis. Following
the consolidation, the company will have 13,177,287 outstanding shares. Under
the terms of the acquisition agreement, Jura Energy will issue 50,659,076
post-consolidation shares, representing its 73.6% stake, to Eastern Petroleum.
Additionally, Jura Energy will issue a minimum of 5,000,000 post-consolidation
Jura Energy shares on a non-brokered private placement basis for minimum gross
proceeds of CAD5m ($4.82m).
Following the acquisition, Jura Energy will have
68,836,363 issued and outstanding post-consolidation shares. The transaction
implies deal values of $1.6 per barrel of oil equivalent (boe) of 1P reserves,
$0.7 per boe 2P reserves and $0.49 per boe of 3P reserves.
Source: researchandmarkets.com
Update: Jura Extends Date for Reorganization and Recapitalization
Jura Energy Corporation ("Jura") (TSX:JEC) announced today that on April 30, 2012 Jura entered into an amending agreement with respect to the acquisition agreement dated November 23, 2011 between Jura and Eastern Petroleum Limited (as amended on February 28, 2012 and March 30, 2012, the "Acquisition Agreement"). Pursuant to the amendment, the outside date for completion of the transactions contemplated in the Acquisition Agreement (the "Transactions") has been extended to May 31, 2012.
Closing of the Transactions remains subject to satisfaction of all other conditions precedent to closing, including obtaining conditional listing approval of the Jura common shares (on a 10 for one consolidated basis) to be issued in connection with the Transactions on a Canadian stock exchange, and approval from the Director General of Petroleum Concessions in Pakistan ("DGPC") to approve the Acquisition, both of which are in progress. Subject to the conditions precedent to the closing of the Transactions being fulfilled prior thereto, Jura anticipates that it will proceed expeditiously with the closing of the Transactions once it has received DGPC's approval in respect of the Acquisition.
Source: MSNBC
