Vanoil Acquires Avana Petroleum
March 15, 2013
Vanoil Energy Ltd. (TSXV: VEL) has acquired at least 90% of issued share capital of Avana Petroleum Ltd.
The company’s wholly owned subsidiary, Vanoil Energy Holdings Ltd., offered to acquire the entire issued share capital of Avana. The offer will remain open for acceptance by the remaining shareholders of Avana. Notwithstanding, Vanoil intends to acquire compulsorily the remaining shares in Avana on the same terms as the offer.
In addition, Vanoil has advanced US $3.8 million to Avana, which will be used by Avana for the purposes of perfecting title ...
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