Pieridae Energy Limited has announced the completion of the business combination of Pieridae Energy Limited and Pétrolia Inc. by way of plan of arrangement to form the amalgamated company called Pieridae Energy Limited. The arrangement constitutes a Reverse Take-Over under the policies of the TSX Venture Exchange Inc.
This arrangement will enable Pieridae to strategically position itself in the North American equity markets as a developing fully integrated energy company, from upstream production to the sale of LNG. Former Pieridae's Goldboro LNG facility project, combined with the resource potential held by Pétrolia, constitutes an opportunity for investors to participate in the evolution and growth of Canada's only integrated LNG facility holding key permits and approvals for its current stage of development. It is expected that the combined expertise and diversification of the two companies will provide Pieridae with the potential for an effective and sustainable long term growth plan.
At the recently-held annual and special meetings of the shareholders of Pétrolia and Former Pieridae, the shareholders of each of Pétrolia and Former Pieridae overwhelmingly approved the terms of the Arrangement and related transactions. The Arrangement was also approved by the Quebec Superior Court on 16 October 2017.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/26102017/petrolia-and-pieridae-energy-complete-plan-of-arrangement/