[Context: On December 13, ARC Financial-backed Steelhead Petroleum announced plan to acquire Toro Oil & Gas Ltd. (TSXV: TOO) for C$44.1m. AltaCorp Capital Inc. acted as exclusive financial advisor and Torys LLP is acting as legal counsel to Toro.]
Steelhead Petroleum Ltd. to Acquire Toro Oil & Gas Ltd. for All Cash Consideration
CALGARY, Dec. 13, 2016 /CNW/ – Toro Oil & Gas Ltd. (TSXV: TOO) (“Toro”) announces that they have entered into a definitive agreement (the “Arrangement Agreement”) with Steelhead Petroleum Ltd. (“Steelhead”), a private ARC Financial Corp. sponsored company, pursuant to which Steelhead will acquire all of the outstanding common shares of Toro for $0.37 per share in cash and the common share purchase warrants of Toro for $0.0001 per warrant in cash. The transaction is to be completed by way of a plan of arrangement under the Business Corporations Act (Alberta) (the “Arrangement”).