AJQ armour energy limited

News: AJQ Armour Energy Proposes Demerger Of Northern Basin Oil & Gas Business

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    March 3 (Reuters) - Armour Energy Ltd (AJQ) :

    • PROPOSED DEMERGER OF NORTHERN BASIN OIL & GAS BUSINESS
    • IPO AND CAPITAL RAISE OF $60-$65 MILLION FOR MCARTHUR OIL & GAS PROPOSED TO FUND ACQUISITION OF NORTHERN BASIN OIL & GAS ASSETS FROM ARMOUR
    • PROPOSED TOTAL CONSIDERATION OF $40 MILLION CASH PLUS A MINIMUM OF 33.3% RETAINED INTEREST BY ARMOUR SHAREHOLDERS IN MCARTHUR OIL & GAS
    • CONSIDERATION RECEIVED BY CO TO BE USED TO RETIRE ITS OUTSTANDING DEBT
    • NEW CO MCARTHUR OIL & GAS LTD PROPOSED TO BE CREATED TO HOLD NORTHERN BASIN OIL & GAS BUSINESS AND DEMERGED FROM CO
    • TO DISTRIBUTE SHARES IN MCARTHUR OIL & GAS OF A MINIMUM OF 33.3% BY A RETURN OF CAPITAL TO EXISTING SHAREHOLDERS OF CO
    • NEWLY FORMED CO MCARTHUR OIL & GAS LTD TO BE SEPARATELY LISTED ON ASX
 
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