Veraz Down 40% To Below Yr Low, Completes Sale of Subsidiary to Petrominerals, Shares to be Consolidated
Veraz Petroleum (VRZ.V) is down 40% to a new yr low of 3 cents. More than 822,000 shares have changed hands, making it the third most actively traded on the TSXV.
The company announced yesterday that it has completed the sale of its wholly-owned subsidiary, Veraz Petroleum Peru S.A.C. to Petrominerales Ltd. pursuant to a plan of arrangement under the Business Corporations Act (Alberta) (the "Sale Transaction"). The Sale Transaction was approved by 98% of the votes cast by shareholders at the annual general and special meeting of Veraz held yesterday.
Veraz shares will be consolidated on a 3 to 1 basis.
Verz will also be delisted from the TSXV.
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