West Siberian BoD Approves Merger with Alliance Oil

West Siberian Resources Ltd's shareholders gathered in Stockholm March 3 for a Special General Meeting (SGM) to approve the merger with Alliance Oil Company.

West Siberian Resources' managing director Mr Maxim Barski addressed the SGM and presented the merger between West Siberian Resources and Alliance Oil, and the combined companies’ progress and future plans.

The SGM resolved to (i) to increase the maximum authorized share capital to $200 million corresponding to 4,000,000,000 shares, (ii) to approve the merger with Alliance Oil by issuing 1,783,540,968 shares and 99,682,500 options to the owners of Alliance Oil, and (iii) authorize the Board of Directors to resolve to issue new shares etc.