Spartan says it has agreed to issue 23.7 million common shares to Inception shareholders at a deemed price of $3.83, for a total of $90.8 million. It is also to issue a $50-million promissory note to an Inception debtholder that will be convertible to common shares two years after the deal closes.
Inception directors Steve Lowden and Elliot Weissbluth are to join the Spartan board upon completion of the acquisition.
Separately, Spartan says it has agreed to pay $22.9 million for one set of assets ($17.2 million in cash and 1.5 million shares) and about $6 million for the other package.
The additions are expected to boost Spartan s 2021 production by 20 per cent to about 36,000 barrels of oil equivalent per day from prior guidance of about 30,000 boe/d.
Spartan Delta buys Inception Exploration and oil and gas assets for $148 million - Business News
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Spartan Delta buys Inception Exploration and oil and gas assets for $148 million - Medicine Hat NewsMedicine Hat News
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Spartan Delta buys Inception Exploration and oil and gas assets for $148 million
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Spartan Delta buys Inception Exploration and oil and gas assets for $148 million
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