Brief: Inplay oil and Anderson Energy report strategic business combination

InPlay Oil

19/09/2016 22:06

Sept 19 (Reuters) - Inplay Oil Corp:  
    * Inplay oil corp. and Anderson Energy Inc. Announce 
strategic business combination, pembina cardium acquisition and 
"bought deal" financing 
    * Holders of shares of Inplay entitled to receive 0.1303 a 
share of new Inplay for each one Inplay share held 
    * Holders of common shares of anderson to continue to hold 1 
new inplay share for each one anderson share held 
    * Commitment letter,term sheet for a pro forma $60 million 
credit facility to be provided upon closing of transactions and 
inplay financing 
    * New Inplay is planning to start a four well drilling 
program in 2016 targeting Cardium in Pembina region 
    * Board of directors of inplay and anderson have unanimously 
approved arrangement 
    * To acquire cardium light oil assets in Pembina region of 
alberta for total consideration of $47 million 
    * Has entered into an agreement to raise, on a private 
placement basis, $70.0 million in gross proceeds by way of a 
"bought deal" financing 
    * Based on Inplay financing price, implied price per 
Anderson share is $2.30 
    * Inplay and Anderson to combine under new name Inplay Oil 
corp. 
    * 2017 capital program is expected to consist of its high 
graded cardium inventory where it can achieve paybacks of under 
1.5 years 
 
Source text for Eikon:  ID:nCCN1XtBPc  
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