Business News • MarketWire • Petrocapita Updates Acquisition of Crucible Resources Corporation |
Petrocapita Updates Acquisition of Crucible Resources Corporation |
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Petrocapita Updates Acquisition of Crucible Resources Corporation
CALGARY, ALBERTA--(Marketwired - Dec. 21, 2016) - Petrocapita Income Trust (CSE:PCE.UN)(CSE:PCE.UN.CN) ("Petrocapita" or the "Trust") announces that, at a special meeting of the shareholders of Crucible Resources Corp. ("Crucible") held in the offices of the Trust today, it has acquired the remaining balance of all of the issued and outstanding shares of Crucible. At the meeting, the shareholders of Crucible approved an amalgamation of Crucible with Petrocapita GP II Ltd., a subsidiary of the Trust and General Partner of Petrocapita Processing LP. The shares were acquired pursuant to the Amalgamation Agreement (the "Agreement") approved at the meeting and by issuance to the shareholders of convertible debentures representing their respective shareholdings, which debentures are secured by the assets acquired. The debentures issued pursuant to the Agreement have a term of 7 years, carry an interest rate of 6%, are amortized over 6 years beginning on December 21, 2017, and are convertible into common trust units of Petrocapita on or after December 31, 2017 at the volume weighted average trading price of such unit on the principal market for such units for each of the last 20 trading days prior to the date of conversion set by the exercise of the option to convert.
View More : http://www.marketwired.com/mw/release.do?id=2185043&sourceType=3
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