Anterra and Terrex Enter Into Business Combination
Anterra Energy Inc. (AE-A.V) and Terrex Energy Inc. announced that they have entered into an agreement whereby Anterra will acquire 100% of the issued and outstanding common shares in the capital of Terrex in exchange for Class A common shares in the capital of Anterra, by way of a statutory plan of arrangement.
Under the terms of the arrangement, holders of Terrex shares will receive, in exchange for each Terrex Share held, 0.307 of an Anterra Share.
The transaction, which has been approved by Terrex's board of directors, is expected to close in the first quarter of 2013 provided all required Terrex securityholder, court and regulatory approvals are obtained.
Anterra's existing executive team, led by Dr. Gang Fang, will manage the combined company.
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