• InPlay Oil Corp. (IPO) and Prairie Storm Resources Corp. (PSEC) announce that they have closed the previously announced plan of arrangement
  • InPlay acquired all of the issued and outstanding common shares of Prairie Storm on the basis of $0.2514 in cash and 0.0524 of a common share of InPlay exchange for each Prairie Storm Share outstanding
  • The acquisition is representative of InPlay Oil’s continued cardium consolidation and sustainability strategy, positioning InPlay as a sizable producer and acreage holder with significant drilling inventory in the light oil window of Central Alberta’s cardium fairway
  • InPlay Oil Corp. (IPO) is down 5.31 per cent and is trading at $1.96 per share as of 2:42 p.m. EST
  • Prairie Storm Resources Corp. (PSEC) is unchanged trading at $0.33 per share as of 2:42 p.m. EST

InPlay Oil Corp. (IPO) and Prairie Storm Resources Corp. (PSEC) announce that they have closed the previously announced plan of arrangement.

InPlay acquired all of the issued and outstanding common shares of Prairie Storm on the basis of $0.2514 in cash and 0.0524 of a common share of InPlay exchange for each Prairie Storm share outstanding.

The acquisition is representative of InPlay Oil’s continued cardium consolidation and sustainability strategy, positioning InPlay as a sizable producer and acreage holder with significant drilling inventory in the light oil window of Central Alberta’s cardium fairway.

The production profile characteristics of Prairie Storm’s assets complement InPlay’s current suite of assets in its core areas.

The acquisition and related matters were approved by Prairie Storm shareholders.

The acquisition was funded by a combination of net proceeds from InPlay’s $11.5 million bought deal financing, available borrowings under InPlay’s senior credit facilities and from issuing an aggregate of 8,320,335 InPlay shares to the previous holders of Prairie Storm shares.

Each subscription receipt issued was automatically exchanged for one InPlay share following the completion of the acquisition.

Previous holders of subscription receipts of InPlay are not required to take any action to receive the underlying InPlay Shares.

Trading in the subscription receipts on the Toronto Stock Exchange is expected to be halted today and the subscription receipts delisted in due course.

Holders of InPlay shares continue to possess common shares of the resulting issuer on a one‑for‑one basis and are not required to take any action in conjunction with the completion of the acquisition.

InPlay has 86,214,751 InPlay Shares issued and outstanding, inclusive of the underlying 9,591,000 InPlay shares issued upon conversion of subscription receipts previously issued.

InPlay Oil Corp. (IPO) is down 5.31 per cent and is trading at $1.96 per share as of 2:42 p.m. EST.

Prairie Storm Resources Corp. (PSEC) is unchanged trading at $0.33 per share as of 2:42 p.m. EST.

More From The Market Online

MCF Energy strikes significant gas discovery in Austria

MCF Energy (TSXV:MCF) announces a potentially significant gas and condensate discovery at the Welchau-1 well in Austria.

TC Energy sells Prince Rupert LNG pipeline to B.C. First Nation

TC Energy (TSX:TRP) will sell its Prince Rupert pipeline project to two partners in Ksi Lisims LNG, a proposed Canadian export terminal.

Baytex Energy advances $500 million private placement offering

Baytex Energy (TSX:BTE) is planning to generate a serious influx of cash to better bolster its financial position.

Junior lithium and uranium miner adds district-scale project

Sienna Resources (TSXV:SIE), a junior lithium and uranium miner, has acquired the 50,440-acre Atomic uranium project in the Athabasca Basin.