Torquay Oil to be Acquired by Private Company for $21 M

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TORQUAY OIL CORP. (TOC-A.V, TOC-B.V) has entered into an arrangement agreement with a private oil and gas company. The Purchaser will acquire all of the issued and outstanding Class A Shares and Class B Shares of Torquay for cash consideration of $0.16 per Class A Share and $1.60 per Class B Share.

The aggregate value of the transaction is approximately $21 million which includes the assumption by the Purchaser of Torquay's anticipated net debt of approximately $11.0 million made up of bank debt, working capital obligations and transaction costs.

Torquay's Class A and Class B shares are now trading at 15 cents and $1.50 respectively. Both classes rose significantly from near yr lows.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

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