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Thursday, September 24, 2015
Sea Dragon Energy Inc. updated the proposed strategic business combination with Madison PetroGas Ltd. The parties entered into an arrangement agreement dated August 18 pursuant to which Sea Dragon will, subject to certain conditions, acquire all of the issued and outstanding shares of Madison by way of a statutory plan of arrangement under the transaction.
The Arrangement is expected to enhance Sea Dragon’s immediate liquidity, near term cost of capital and future access to capital in order to fund its current field development and exploration commitments, and provide a better platform for its future acquisition opportunities.
At the Sea Dragon meeting on September 28, 2015, in addition to annual matters to be voted upon, the Sea Dragon shareholders will be asked to consider the following special business items relating to the transaction: an amendment to the articles of the company to effect the Sea Dragon Consolidation; and an amendment to the articles of the company to effect a name change of the combined entity to “SDX Energy Inc.”
A filing statement dated September 22 regarding the transaction, including detailed information about Madison and the issuer resulting from the combination of the parties, has been filed and is available for viewing under the company’s profile on SEDAR.
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