Camber Energy: Rises as co signs letter of intent with Viking Energy Group

Viking Energy

24/01/2020 16:41

** Shares of oil and gas producer  CEI.A  rise 11.5% to
$2.14
    ** CEI and Viking Energy Group enter letter of intent
regarding Camber's proposed acquisition of Viking Energy
 VKIN.PK 
    ** Camber to distribute newly-issued shares of common stock,
on a fully-diluted pro rata basis to equity holders of Viking
    ** Viking to have an 85% interest in newly-issued shares in
the post-closing entity
    ** Camber plans to increase its authorized number of shares
to complete the merger  urn:newsml:reuters.com:*:nGNX1CwBKJ
    ** Transaction will be reverse triangular merger - a newly
formed, wholly-owned subsidiary of CEI will merge into Viking,
with Viking continuing as the surviving corp, the companies said
    ** Up to Thursday's close, CEI shares had fallen 62.4% over
past three months

 (Reporting by Arundhati Sarkar in Bengaluru)
 ((Arundhati.Sarkar@thomsonreuters.com; +1 646 223 8780 Ext:
1524; Reuters Messaging:
arundhati.sarkar.thomsonreuters.com@reuters.net))