Petromanas Energy Completes Acquisition of Gallic Energy
CALGARY, ALBERTA, December 31, 2012 - Petromanas Energy Inc. ("Petromanas") (TSXV: PMI) and Gallic Energy Ltd. ("Gallic") (TSXV: GLC) are pleased to announce that Petromanas has completed its previously announced acquisition of Gallic pursuant to a plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement"). In accordance with the Arrangement, Petromanas acquired all of the issued and outstanding class A shares of Gallic in a transaction valued at approximately $11 million. Gallic shareholders received an aggregate of 62,653,259 Petromanas shares, being 0.3736 of a Petromanas share for each Gallic class A share held and Gallic warrantholders received replacement warrants of Petromanas exercisable for an aggregate of 26,581,640 Petromanas shares. Details of the replacement warrants are as follows:
Number of Petromanas Shares Issuable
April 13, 2013
August 30, 2013
The Gallic class A shares are expected to be delisted from the TSX Venture Exchange on or about January 4, 2013.
The acquisition provides the combined company with Petromanas' core assets in Albania, Gallic's core assets in France and additional exploration acreage in Australia. It will also provide the combined shareholders with exposure to the Shpirag-2 well which is currently being drilled in Albania and additional wells which are expected to be drilled in Albania and France during 2013. The combined entity holds in excess of 3.3 million gross acres (2.9 million net acres) of exploration lands, including 1 million acres in Aust