Petroleum Africa
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Monday, May 18, 2015
Mart Resources, Inc.is preparing to submit the proposed acquisition of the company by its partner in Nigeria, Midwestern Oil & Gas, to its shareholders at an upcoming meeting. The company’s shareholders will be asked to vote on the proposed plan of arrangement pursuant to which a wholly-owned subsidiary of Midwestern Oil & Gas Company Ltd. will, subject to certain conditions, acquire all of the issued and outstanding common shares of Mart for $0.80 per common share in cash.
Pursuant to the Arrangement Agreement, all options with an exercise price less than $0.80 will be surrendered in exchange for a cash payment equal to the amount by which $0.80 exceeds the exercise price thereof and all options with an exercise price equal to or greater than $0.80 will be surrendered for no consideration.
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