PE-backed Aspenleaf Energy to acquire, recap Arcan Resources
Aspenleaf Energy Ltd, a portfolio company of Canadian private equity firm ARC Financial Corp and Ontario Teachers' Pension Plan, has proposed to acquire and recapitalize Calgary's Arcan Resources Ltd (TSX-V: ARN). Under the plan, Arcan's investors will exchange each Arcan share for one common share and 0.1 of a common share purchase warrant in Miura Energy Ltd. Miura will own 12.5 percent of the interest held by Arcan in its oil and gas properties in Alberta's Swan Hills region. The refunding of Arcan's debt will include a payment to holders of Arcan's convertible debentures of $141.3 million, plus interest. Arcan's board of directors have recommended the deal to investors, who will vote on it on Aug. 20.
28 July 2014•8 mins read
