Blackbird Energy Inc. (TSXV: BBI.V) and Pennant Energy Inc. (TSXV: PEN.V) entered into an agreement Feb. 17 in which Blackbird will acquire all outstanding and issued shares of Pennant, Blackbird said Feb. 19.
Pennant shareholders will receive three Blackbird shares for every seven Pennant shares, Blackbird said. The exchange rate is 0.42857 common shares of Blackbird, the company added.
Pennant’s outstanding stock options, warrants and convertible debentures will be adjusted, according to respective terms, under the agreement, the company said.
The agreement and this transaction are part of an arrangement ...