Yoho Resources Inc. (TSXV: YO.V) and its wholly-owned subsidiary Yoho Resources Partnership disposed of 13,629,442 common shares in Storm Resources Ltd.’s (TSXV: SRX.V) capital, the company said March 21.
Neither Yoho Resources or Yoho Resources Partnership now owns or controls any shares of Storm Resources, the company added.
The shares were disposed of as part of an arrangement pursuant to provisions in the Alberta Business Corporations Act, the company noted.
Pursuant to the arrangement, issued and outstanding shares in Yoho’s capital were exchanged for one new common share in its capital as well as 0.2591% of a common share of Storm, Yoho Resources said.
Prior to the arrangement, Yoho Resources’ ownership of Storm’s shares represented about 12.4% of the outstanding Storm shares, the company said.
Yoho Resources originally acquired the shares as partial consideration for its Jan. 31 sale, to Storm Resources, of its Montney acreage in northeast British Columbia’s Nig area, the company added.
Calgary-based Yoho Resources Inc., an oil and natural gas exploration and production (E&P) company, operates in the Western Canadian Sedimentary Basin.
Also based in Calgary, Storm Resources Ltd. is an oil and natural gas E&P working in Alberta and British Columbia.
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