UPDATE: Petromanas' Acquisition of Gallic Near Closing; Both in the Red
Petromanas Energy Inc. (PMI.V) is in the final stages of closing the previously announced business combination whereby Petromanas is acquiring 100% of the issued and outstanding class A shares of Gallic Energy Ltd. (GLC.V), in exchange for common shares of Petromanas, by way of a statutory plan of arrangement.
The arrangement was approved by Gallic shareholders and warrantholders at a special meeting held on December 13, 2012. Gallic also received the final approval of the Court of Queen's Bench in respect of the Arrangement following its application to the Court on December 14, 2012.
PMI has dropped 12% to 18 cents, moving closer to year low 13 cents. GLC is also in the red, down nearly 7% to 6 cents.
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