Taipan Resources Closes Private Placement Financing and Completes Amalgamation With Lion Petroleum Corp.
Taipan Resources Inc. (TPN.V) has closed the amalgamation with Lion Petroleum Corp. Under the terms of the Amalgamation Taipan has issued 20,124,817 common shares to the shareholders of Lion in exchange for all of the issued and outstanding share capital of Lion Petroleum Corp.. The Company has also completed a non-brokered private placement raising $11,500,000 by issuing 23,000,000 units at $0.50 per Unit.
Taipan has chosen to maintain a 100% interest and operatorship of Block 2B, and that it will not be proceeding with the proposed Farm-In by NewAge Ltd, as previously announced in the Company's July 3, 2012 press release. Taipan expects to pursue farm-out options in the future for Block 2B and this is expected to result in more favourable terms for Taipan shareholders, the company said in a statement.
Taipan is down 35% to 39 cents, on volume 657,000.
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