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when the listed company merge to a bigger company that get listed in its place.
I've seen the term 'reverse takeover' used a few times. What does that mean within the context of i3e?
CALGARY, Alberta, Sept. 09, 2020 (GLOBE NEWSWIRE) -- Toscana Energy Income Corporation (Toscana) (TSX: TEI) is pleased to announce that it has scheduled its annual and special meeting for October 27, 2020 at 9:00 a.m. (Calgary time) (the Meeting). As previously announced by Toscana, the Meeting is being called to consider, among other annual matters of business, the previously announced transaction (the Arrangement) with i3 Energy plc (i3 Energy), an AIM-listed oil and gas company, pursuant to which i3 Energy will acquire all of the issued and outstanding common shares in the capital of Toscana pursuant to the terms of an arrangement agreement between Toscana and i3 Energy dated June 23, 2020 (the Arrangement Agreement). In furtherance of the foregoing, Toscana and i3 Energy entered into an amending agreement to the Arrangement Agreement dated September 9, 2020 to extend the date by which Toscana must call the Meeting to consider the Arrangement and to extend the outside date by which the Arrangement must close by.
Further details regarding the Arrangement will be contained in a management information circular (the Information Circular) to be prepared in connection with the Meeting and expected to be mailed to shareholders of Toscana in early October, 2020. The Information Circular will be available electronically on Toscana’s SEDAR profile at www.sedar.com shortly following the mailing of the Information Circular. Subject to receipt of all required approvals including approval by the shareholders of Toscana, regulatory approvals and approval by the Court of Queen’s Bench of Alberta, the Arrangement is expected to close on or about October 30, 2020.
About Toscana
Toscana Energy Income Corporation is a conventional oil and gas producer with the mandate to acquire high quality, long life oil and gas assets.
Kingivor - out of interest where are you seeing that Toscana are the operator for the Gain Energy assets? I was under the impression that gain was operating its own assets up until the recent acquisition by i3e, and that the Toscana deal is totally separate, but if it does go through will then see some integration of the Canadian side of the operations?
If all goes well, then this will be the official start of i3e’s TSX listed renaissance!
C10,000 boepd production - with expectation of further acquisitions imminently
70m barrels reserves in Canada
200m stoiip discovery in the North Sea currently in advanced farm-out discussions with one party
C£10m cash
Market cap of £30m
I3 e not the operator. That is Toscana the listing and the next deals
Big deal the vote today
Big day, personally I think the Toscanna vote has really held the sp down. It’s not going to re-rate i3e overnight but it should be enough to climb over the 5p and begin some upwards momentum.
After the vote, the key will be getting an operational update on the integration to date of the Canadian assets. Remember i3e have operated them since May.
Toscana vote to take place at 9am Cad time = 1pm UK time. Quite possibly an update before close of trading today
By my reckoning the deal values the Toscana shares at around C$340,000 for the entire issued share capital. Yet it’s market cap is showing as being around C$1.45. Not sure if it is actively being traded though at the current price other than tiny amounts?
Cant understand how theres a 12m shares bid (7% of total shares) on toscana at a price four times the value of the shares they will recieve..
Hopefully will be released immediately some point in the afternoon depending on time zone
Oct 29 for the I3E GM to approve the deal, assuming that Toscana holders vote in favour tomorrow.
I3 will need a GM to ratify I believe , if the vote goes in our favour . Any idea when that is ?
tomorrow the results of the toscana vote (might be released after hours), lets hope it will drive the sp north..