Westbridge Energy Corporation Completes Acquisition of Off-Shore Namibia Interest

By Midnight Trader,  July 03, 2012, 11:40:46 AM EDT

Westbridge Energy Corporation (WEB.V)has closed its transaction to acquire 100% of the issued and outstanding shares in the capital of Kayuco Universal Ltd.

Under the terms of the transaction, the Company acquired on the closing date all of the issued and outstanding common shares of Kayuco in exchange for 10 million common shares in the capital of the Company at a deemed issue price of C$.20 per share and a cash payment of US$3 million to Kayuco's selling shareholders in proportion to their shareholding in Kayuco. A finder's fee in the amount of 1,000,000 common shares of the Company was issued to Westward Energy LLC for introducing the Acquisition to the Company.

As a condition to the completion of the Acquisition, the Company completed a non-brokered private placement financing of subscription receipts for gross proceeds of C$4,000,000 at a price of C$0.25 per subscription receipt.




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.


This article appears in: Investing, Commodities

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