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