Saturn Oil & Gas Agrees to Acquire Corex for C$302 Million
Photo: TokenPost
Saturn Oil & Gas Inc. has agreed to acquire privately held Corex Resources Ltd. for C$302 million in cash and shares, adding about 7,000 barrels a day of light and medium crude oil production in Manitoba. The consideration for Corex shareholders includes C$252 million in cash and C$50 million in Saturn common shares. The deal values each Corex share at C$6.31. Saturn plans to fund the cash portion with cash on hand and a draw on its credit facility.
Source: TokenPost
