LION ENERGY CORP. RECEIVES COURT APPROVAL FOR ARRANGEMENT WITH AFRICA OIL CORP.
Jun. 10, 2011 (PR Newswire) --
VANCOUVER, June 10, 2011 /PRNewswire/ - (TSXV: LEO) - Lion Energy Corp. ("Lion" or "the Company") is pleased to announce that following receipt of shareholder approval on Wednesday, the Company yesterday obtained final approval from the Supreme Court of British Columbia for the plan of arrangement with Africa Oil Corp. ("Africa Oil"). Under the terms of the arrangement, Africa Oil will acquire all of the issued and outstanding shares of Lion in consideration for 0.20 Africa Oil shares for each common share of Lion. Any options or warrants to purchase common shares of Lion that are outstanding on completion of the acquisition by Africa Oil will be replaced or amended to entitle the holder to acquire common shares of Africa Oil, with the number of shares to be acquired and the exercise price each adjusted to reflect the ratio of 0.20 shares of Africa Oil for each 1.0 share of Lion. Subject to any remaining closing conditions, the transaction is expected to close on or about June 20, 2011.