3P International Energy, formerly, Colonnade Capital announced that, pursuant to the terms of a share purchase agreement executed, the Corporation will be issuing 4,400,000 common shares as consideration for the acquisition of all of the issued and outstanding shares of Galizien.
The transaction qualifies as an "Expedited Acquisition" under the policies of the TSX Venture Exchange and remains subject to regulatory approval.
Richard Kehmeier, the President and Chief Executive Officer of the Corporation, stated, "The acquisition of Galizien delivers a project to 3P which satisfies all of the key elements of our business model. We believe that significant shareholder value may be created through accelerated, but calculated, phased development in the short term; and a more aggressive posture once the company's commercial concept is proven.
"Galizien's Ukrainian CBM concessions overlay a defined reservoir which we believe can be efficiently exploited and we are looking forward to beginning work alongside our partners on the rehabilitation of some of the 2,000 formerly producing wells, adding new drilling, and moving towards production."
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