Source: Pan Orient Energy.
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Pan Orient (POE) has completed its arrangement agreement with Dialog Systems
  • Dialog acquired all issued and outstanding Pan Orient shares for US$0.788 (plus one CanAsia share) per share
  • CanAsia, a former Pan Orient subsidiary, is expected to list on the TSXV at market open on August 29, 2022 as the new owner of Pan Orient operations outside of Thailand
  • Pan Orient is a Calgary-based junior oil and natural gas company operating in Thailand and Canada
  • Pan Orient (POE) shares will remain halted until they are delisted from the TSXV on August 26, 2022

Pan Orient (POE) has completed its arrangement agreement with Dialog Systems.

Pursuant to the agreement, Dialog acquired all issued and outstanding Pan Orient shares, while Pan Orient continues to own its Thailand business.

Pan Orient shareholders will receive US$0.788 and one CanAsia share for each share held.

CanAsia, a former Pan Orient subsidiary, is expected to list on the TSXV at market open on August 29, 2022. It has assumed ownership of Pan Orient’s non-Thailand business, including:

  • Pan Orient’s 71.8-per-cent interest in Andora Energy, which has interests in oil sands properties in Sawn Lake, Alberta
  • Convertible loans receivable from Andora
  • Pan Orient’s interests in Indonesia, which operations are, effective January 1, 2020, considered discontinued for accounting purposes
  • Working capital and long-term deposits

Pan Orient is a Calgary-based junior oil and natural gas company operating in Thailand and Canada.

Pan Orient (POE) shares will remain halted until they are delisted from the TSXV on August 26, 2022.


More From The Market Herald

" Tamarack Valley (TSX:TVE) closes $144M financing

Tamarack Valley Energy Ltd. (TVE) has closed its previously announced bought-deal financing for gross proceeds of approximately $144 million.

" Alpine Summit (TSXV:ALPS.U) announces amendment to normal course issuer bid

Alpine Summit Energy Partners (ALPS.U) has received TSXV approval to amend the company’s normal course issuer bid (NCIB).

" i3 Energy PLC (TSX:ITE) provides production update

i3 Energy (ITE) has provided a September 2022 production update.