Platino Energy Launches Operations With Colombia Focus

Platino Energy Corp. began operations today as a newly formed exploration, evaluation and development business focused on the Morpho, Coati, Andaquíes and Putumayo-8 Blocks in Colombia.

Platino was formed as a result of a plan of arrangement involving C&C Energia Ltd., Pacific Rubiales Energy Corp. and Platino. The arrangement involved the acquisition by Pacific Rubiales of all of the outstanding common shares of C&C Energia.

Platino will carry on the business previously carried on by C&C Energia in respect of the assets transferred to Platino through the arrangement and, having been initially capitalized with approximately US$88.5 million in cash (subject to certain expense reimbursement obligations and working capital adjustments) transferred from C&C Energia, is expected to begin its operations with a net cash position of approximately US$80.0 million.

Conditional listing approval for the Platino shares issuable has been received from the TSX Venture Exchange. Trading of the Platino shares on the TSX-V under the symbol PZE is expected to commence on or about January 4, 2013 with the C&C Energia shares to be delisted from the Toronto Stock Exchange on or about January 3, 2013.

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

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


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

More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.