Petrocapita Income acquired about 79% of the issued and outstanding shares of Crucible Resources Corp. A meeting to approve the merger of Crucible with a subsidiary of Petrocapita Income was called for Dec. 21.
The transaction’s effective date is May 30, according to a Nov. 30 press release.
Shareholders were issued a convertible debenture representing their respective shareholdings, which debenture is secured by the assets acquired in the total amount of CA$434,965.00.
The term of the debenture is seven years and is convertible into Petrocapita common trust units on or after Dec. 31, 2017.
Crucible Resources Corp. develops medium-gravity oil assets in the Shaunavon area of Saskatchewan. The Saskatchewan oil assets will be transferred to Petrocapita Oil & Gas LP, a limited partnership formed to hold the trust's oil and gas mineral interests.
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