Toscana Energy Income Corp. has entered into an option agreement with i3 Energy, whereby i3 will be allowed to acquire all of the issued and outstanding common shares of Toscana. Toscana said i3 Energy may exercise its option at any time prior to June 30.
Under the terms of the agreement, Toscana shareholders will receive 0.0281 of an i3 Energy ordinary share for each Toscana common share, resulting in the issuance of up to 4.4 million in i3 Energy ordinary shares to company shareholders.
The i3 Energy ordinary shares will be listed on the Toronto Stock Exchange.
For more details about the transaction, click here.
