LNG Energy Ltd. and Enterprise Energy Resources Ltd. announced the completion of the acquisition of Enterprise by LNG.
The Acquisition increases LNG’s net working interest in PPL 319 in Papua New Guinea to 16.85% and in PPLs 320, 321 and 322 to 84.25%.
Under the terms of the Acquisition, LNG issued 238,633,975 common shares in exchange for all of the 47,726,795 issued and outstanding common shares of Enterprise, on the basis of five LNG shares for each whole Enterprise share.
Enterprise stock options will also become vested and continue in accordance with the terms of the plan of arrangement, and will be exercisable into LNG common shares, subject to adjustment in number and exercise price based on the Exchange Ratio. If all such stock options are exercised, an additional 14,075,000 common shares of LNG would be issuable.
[mappress] LNG World News Staff, August 20, 2013; Image: Enterprise