Tuesday, June 21, 2011
Maurel & Prom
Maurel & Prom and Tuscany International are entering a definitive agreement whereby Tuscany's wholly-owned subsidiary Tuscany Rig Leasing S.A. will acquire all of the issued and outstanding shares of Caroil SAS, the drilling and work-over subsidiary of Maurel & Prom.
The purchase price will be paid by Tuscany in the delivery of US $120 million in cash, 82.5 million Tuscany shares and 27.5 million zero cost, non-transferable, non-voting common share purchase warrants (1/1).
Closing is expected to occur in the third quarter of 2011.
On the completion of the acquisition, it is expected that Maurel & Prom will own approximately 29% of the issued and outstanding Tuscany shares. Tuscany will be required to obtain the approval of a simple majority of its shareholders for the issuance of Tuscany shares and warrants to Maurel & Prom pursuant to the acquisition.
Caroil & Tuscany are joining forces to create a leading emerging market player, active in two high growth areas: Latam & Africa.
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