Alexander Energy Ltd. (TSXV: ALX) entered into a definitive reorganization and investment agreement resulting in a new management team and board of directors, the company announced Dec. 5.
The company entered into the agreement with the initial investor group to provide for (i) a non-brokered private placement of up to $26.5 million; (ii) the appointment of a new management team and board of directors; and (iii) a rights offering to current holders of common shares. Upon completion of the transaction, it is anticipated that the shareholders of Alexander will be asked to approve, at a special meeting called for such purpose, a change of the corporation's name to "Spartan Energy Corp."
The initial investor group consists of Richard McHardy, Albert Stark, Ed Wong, Fotis Kalantzis, Thomas Boreen and Michelle Wiggins.
The new management team will be led by Richard McHardy as president and CEO, Michelle Wiggins as vice president of finance and chief financial officer, Ed Wong as vice president of engineering, Albert Stark as vice president of operations, Fotis Kalantzis as vice president of exploration, and Thomas Boreen as vice president of geology.
Alexander Energy Ltd. is a Calgary-based crude oil and natural gas E&P company with producing properties in Alberta, Canada.