Jura Energy Corporation (JEC.TO) is pleased to announce that it has completed its acquisition of all of the issued and outstanding shares of Spud Energy Pty Limited, a private oil and gas company with operations in Pakistan, pursuant to the terms of an acquisition agreement dated November 23, 2011 with Eastern Petroleum Limited, as amended on February 28, 2012, March 31 2012, and April 30 2012.
Jura additionally announces the reconstitution of its board of directors following the resignation of Peter Whitbread and Norman W. Holton and the appointment of Shahid Hameed, Stephen Smith, Zachary Iscol and Shahzad Ashfaq.
In accordance with the Acquisition Agreement, concurrently with completion of the Acquisition, Jura consolidated its common shares on a 10-for-1 basis and issued 5,000,000 New Jura Shares on a non-brokered private placement basis at a price of $1.00 per New Jura Share for gross proceeds of $3,858,348 plus the conversion of a previously announced bridge loan in the amount of $1,141,652 for total proceeds to Jura of $5,000,000. In consideration for the Acquisition, Jura issued 50,659,076 New Jura Shares to EPL to acquire Spud.
Jura anticipates that the New Jura Shares will commence trading on a post-consolidated basis within 2-3 business days following the TSX's announcement of its final approval.
"We are very pleased to have closed the Transactions, including the Private Placement which values New Jura at $1 per share, a substantial premium to Jura's recent trading price." Said Graham Garner, Chief Executive Officer of Jura.
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