Blackbird Energy Inc. (Toronto Venture: BBI) is pleased to announce that it has entered into a definitive securities exchange agreement in respect of its previously announced acquisition of all the issued and outstanding shares of Ruger Energy Inc., a junior oil and gas exploration and development company in Alberta.
Ruger has a 100% working interest in 680 acres in the Alsask area located on the Alberta/Saskatchewan border and currently has cash and cash equivalents of approximately $3,600,000.
Pursuant to the terms of the securities exchange agreement, Blackbird will issue to the shareholders of Ruger an aggregate of 39,679,537 units at a deemed price of $0.12 per transaction unit. In total, 39,679,537 transaction shares and 19,839,768 transaction warrants will be issued.
Garth Braun, CEO and director of Blackbird, commented: "The transaction will provide Blackbird with a significant enhancement to the management team, a substantial cash injection to facilitate future drilling plans, and graduate Blackbird to becoming an operator in both Saskatchewan and Alberta."
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