Glori Energy Inc. and Infinity Cross Border Acquisition Corp., which merged for $185 million April 14, closed a share tender offer and a warrant tender offer on April 11, the company said April 14. The offers were for the purchase of up to 4,750,000 shares and 5,750,000 warrants, respectively, Infinity Cross Border said.
The merger was first announced Jan. 8, the company noted. Glori Energy now trades on NASDAQ under “GLRI” and “GLRIW” tickers, Infinity Cross Border added.
Regarding the tender offer of 4,750,000 shares, a total of 2,351,533 shares were tendered, and payment for them was deducted from the gross proceeds, Infinity Cross Border said.The tender offer of 5,750,000 warrants allowed shares to be purchased at 60 cents per warrant, the company said. Regarding them, a total of 7,100 warrants were tendered and the remaining ones are exercisable at $10 per share, the company added.
Additionally, Infinity Group, which had sponsored Infinity Cross Border, closed a private placement with Hicks Equity Partners, Infinity Cross Border said. The private placement was closed alongside the merger on April 14, the company added. Gross proceeds from the private placement were $35.7 million, the company said, noting that the amount came after payments from the share tender offer.
Hicks, Infinity Group and other investors purchased about $8.5 million of Glori Energy’s common stock, Infinity Cross Border said. An overallotment option allowed another $16.5 million of stock to be purchased, the company added.
Houston-based Glori Energy Inc. provides oil recovery technology to producers, and it also acquires and redevelops domestic oil fields.
Hicks Equity Partners is the private-equity segment of Dallas-based Hicks Holdings LLC.
Recommended Reading
Athabasca Oil, Cenovus Energy Close Deal Creating Duvernay Pureplay
2024-02-08 - Athabasca Oil and Cenovus Energy plan to ramp up production from about 2,000 boe/d to 6,000 boe/d by 2025.
Chevron to Begin Marketing Shale-gas Assets in Canada's Duvernay
2024-01-19 - Chevron plans to put its Alberta, Canada, shale-gas business up for sale as it continues to streamline global operations.
Chevron's Duvernay Sale Seen Attracting Mid-sized Canadian Shale Operators
2024-01-25 - As Chevron Corp. markets its Duvernay shale assets, the U.S. oil major is most likely to find a buyer among a handful of mid-sized Canadian firms looking to capitalize on the region.
Production from Canada’s Montney, Duvernay Gains Momentum
2024-01-05 - The dust has settled on acquisitions, and the leading players have publicized five-year plans that demonstrate a commitment to increasing production from Canada’s premier shale plays.
Analyst: Chevron Duvernay Shale Assets May Sell in $900MM Range
2024-01-29 - E&Ps are turning north toward Canadian shale plays as Lower 48 M&A opportunities shrink, and Chevron aims to monetize its footprint in Alberta’s Duvernay play.