32 Degrees Capital to invest in merger of Passport Energy, Amarok Energy
Calgary-based oil and gas companies Passport Energy Ltd (PPO: TSX-V) and Amarok Energy Inc (AMR: TSX-V) have agreed to merge, creating a new company called Powder Mountain Energy Ltd. The deal accommodates a previously-announced private placement offering involving Passport. Canadian private equity firm 32 Degrees Capital is subscribing for $13 million of the offering, which will result in the firm owning up to 39% of Powder Mountain. Based in Calgary, 32 Degrees invests in early stage oil and gas companies, and energy service, equipment and manufacturing businesses.
24 March 2014•10 mins read
