Cequence Energy Ltd. and Open Range Energy Corp. Announce Business Combination and $32M Equity Financings

By MidnightTrader.com Staff,

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Cequence Energy Ltd. (CQE.TO), which dropped 3% to near a year low $1.20 on Thursday, and Open Range Energy Corp. (ONR.TO), which dropped 1% to near a year low 99 cents on Thursday, announced they have entered into an arrangement agreement whereby Cequence has agreed to acquire all of the issued and outstanding common shares of Open Range. Based on the five-day weighted average trading price of Cequence shares on the TSX for the period ending May 30, 2012, the Exchange Ratio implies an aggregate value of approximately $103 million for all of the issued and outstanding Open Range Shares, and a value of $1.37 per Open Range Share.

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This article appears in: Investing Commodities
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