Xtract Energy completes business negotiations
The deal will expand the asset portfolio of Xtract Energy.
International business negotiations have been completed with Xtract Energy taking complete control of Canada's Elko Energy in a stock deal.
The agreement is on the basis that seven Xtract shares equal one Elko share and negotiation skill may have been shown to ensure such a proposal was completed.
Peter Moir, chief executive of Xtract Energy - which has been in operation since 2004 - called it the "logical next step in this process" as it looks to "rebalance" the asset portfolio of the organisation.
"Xtract has a clear vision and solid strategy to create a platform for sustainable growth with significant near-term operational upside potential for shareholders," he added.
A total of 350,245,343 new ordinary shares will be given to those who own Elko common stock as part of the agreement.
The plan is being arranged under the Business Corporations Act and has to be ratified by two-thirds of Elko shareholders.
Posted by David Gleck