2.1 C
Belgrade
Supported byspot_img
spot_img

Bankers Petroleum Receives Investment Canada Act Approval for Proposed Takeover by Geo-Jade Petroleum

Member of Europium Groupspot_img
Supported byspot_img

Bankers Petroleum said Wednesday that the proposed plan of arrangement with affiliates of Geo-Jade Petroleum has received ministerial approval under the Investment Canada Act. Pursuant to the arrangement, Geo-Jade will acquire all the issued and outstanding common shares of Bankers through its affiliates at a cash price of $2.20 per Bankers’ share. Completion of the arrangement is subject to the outstanding regulatory approval of the Chinese State Administration of Foreign Exchange.

Bankers anticipates receipt of this approval in the coming weeks and closing of the arrangement to occur shortly thereafter in July. After the deal is complete, Bankers’ shares will be delisted from the Toronto Stock Exchange and the AIM market of the London Stock Exchange. BNK shares closed at $2 on the TSX on Tuesday.

The stock closed at $2 during the last session. It is down 10.31% since November 16, 2015 and is downtrending. It has underperformed by 13.57% the S&P500.

Supported by

Bankers Petroleum Ltd. is a Canada-based oil exploration and production firm focused on petroleum assets in Albania. The company has a market cap of $523.60 million. The Company’s divisions include Albania and Canada. It currently has negative earnings. The Company’s activities in Albania are located northwest of Greece in South Eastern Europe.

source:sonoranweeklyreview.com

Supported byElevatePR Digital

Related News

Current Accusations Against Tara Resources, the Concessionaire, Found to Be Unsubstantiated

The most likely outcome, if the concession agreement for the Brskovo mine is terminated, is that the concessionaire, Tara Resources, will initiate arbitration against...

Titan Lithium Plans Establishment of Lithium Processing Plant in the UAE

KEZAD Group, the largest operator of integrated and purpose-built economic zones, and UAE-based Titan Lithium have announced the signing of a 50-year land lease...

Outdated 1872 Law Exempts Gold, Silver, and Lithium Mining on Federal Land from Royalties to the US Treasury

When Congress opened U.S. public lands for mining in 1872, the nation was less than a century old. Miners used picks, shovels and pressurized...

Allied Nations, Including US, Advance Rare Earth Recovery Initiatives in Response to China’s Dominance

Rare Element Resources is working to establish US-based rare earth production using innovative recovery and separation technology. Forty years ago, China understood something long before...
Supported by
Supported by
Supported by
error: Content is protected !!