Manitok Energy to buy ARC Financial-backed Corinthian Oil
Manitok Energy Inc (TSX-V: MEI) has agreed to acquire all of the issued and outstanding shares of Corinthian Oil Corp, a Calgary-based oil and gas company. Under the terms of the deal, $3.1 million Manitok shares will be issued to holders of Corinthian shares at $0.070486665 per Manitok unit. About 44 million Manitok shares will be issued in total. Corinthian was formed with the acquisition of Corinthian Exploration Corp by Legacy Oil + Gas Inc in 2014. It has since been a portfolio company of Canadian energy private equity firm ARC Financial Corp. Calgary's Manitok is an explorer and developer of conventional oil and gas reservoirs in Western Canada.
13 September 2017•3 mins read
