Effective March 31, 2007, Articles of Amalgamation were filed with the Registrar of Corporations for the Province of Alberta combining Camdel and 1296681 Alberta Ltd., a wholly owned subsidiary of Longbow. The shareholders of Camdel unanimously approved the amalgamation at the annual and special meeting of shareholders held on Thursday, March 22, 2007 and the closing of the acquisition occurred on Thursday, March 29, 2007, subject only to the filing of the Articles of Amalgamation and the issuance of a final acceptance letter in respect of the acquisition by the TSX Venture Exchange.
Pursuant to the amalgamation, shareholders of Camdel will receive 1.26 common shares of Longbow (at a deemed value of $0.07 per share) for each issued and outstanding common share of Camdel, upon surrender to the Company of their Camdel share certificates together with a duly completed letter of transmittal. If the proposed share consolidation and name change is approved by Longbow shareholders at a special meeting to be held on April 5, 2007, Camdel shareholders will receive certificates representing the Company's common shares (post-consolidation) in exchange for their Camdel share certificates. If the proposed consolidation and name change is approved and implemented, former Camdel shareholders will receive, in aggregate, approximately 1,142,600 common shares in exchange for their Camdel common shares. Accordingly, post-consolidation, Longbow will have approximately 16,067,200 issued and outstanding common shares, of which 7.1% will be held by former Camdel shareholders.
The Company believes that the acquisition of Camdel is another important step in building a solid drilling inventory of 100% working interest, high impact prospects in the Company's areas of concentration. Presently, the Company has identified ten potential drilling locations associated with the Camdel lands.
Longbow is a junior oil and natural gas company based in Calgary, Alberta with properties located in Alberta, British Columbia and Saskatchewan.
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