Alange reaches $9.6-million takeover agreement with Delavaco

The Canadian Press ~ The News
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TORONTO - Alange Energy Corp. (TSXV:ALE) has reached a definitive agreement to acquire all of Delavaco Energy Inc., another junior oil and gas company with working interests in several exploration and exploitation blocks in Colombia.
Under the agreement announced Thursday, Alange will issue up to a total of 142,857,143 common shares to acquire Delavaco. For each share they trade, Delavaco shareholders will receive 0.8674 Alange share.
Based on Wednesday's closing price of 67 cents on the TSX Venture Exchange, the Alange shares would be worth nearly C$9.6 million if the maximum number are issued.
According to a recent regulatory filing following Alange's acquisition of Prospero Hydrocarbons Inc., Alange had about 600 million common shares outstanding.
As a result Delavaco shareholders could end up owning just under one-fifth of Alange if their deal is completed
Alange has also advanced US$1.25 million to Delavaco as a deposit.
Alange Energy is a Canadian-based oil and gas exploration and production company, with working interests in 11 properties in Colombia not including Delavaco's holdings.
The takeover deal is expected to close Oct. 23.

Organizations: Alange Energy, Delavaco Energy, TSX Venture Exchange Prospero Hydrocarbons

Geographic location: Colombia, TORONTO

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