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