Legacy Oil + Gas to acquire Highrock Energy
Legacy Oil + Gas Inc (TSX: LEG) has agreed to buy Highrock Energy Ltd, a Calgary-based company engaged in light oil-focused projects in Saskatchewan. Under the terms of the agreement, Legacy will issue approximately 18.9 million common shares to Highrock's shareholders and assume the company's net debt of about $33.8 million. Holders of more than 50% of Highrock's shares have agreed to vote in favour of the deal, which is expected to close in June. Highrock received an investment in 2012 from Canadian private equity firm PFM Capital, while Legacy in the same year obtained funding from CPPIB Credit Investments.
8 May 2014•9 mins read
