GREY:CNKEF - Post by User
Comment by
stockfyon Sep 21, 2018 8:39am
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Post# 28662255
RE:RE:Based on IBR's deal, CKE must be sold at least C$120 million
RE:RE:Based on IBR's deal, CKE must be sold at least C$120 millionDo the math. It's completely wrong. I sent it to IBR last week and they have not answered me yet because they don't have the courage to admit their mistake on the press release of June 2018. See this from IBR's latest press release with the sweetened offer, it says clearly that Velvet paid C$142 million:
"Total cash consideration payable by Velvet under the Amended Offer, including the assumption of estimated net debt of C$9.0 million and net proceeds from dilutive securities, is approximately C$142 million."
See IBR's latest link with the final offer:
https://globenewswire.com/news-release/2018/09/10/1568371/0/en/Velvet-Energy-and-Iron-Bridge-Resources-Agree-to-Terms-of-Friendly-Transaction-with-Unanimous-Approval-from-Iron-Bridge-s-Board-of-Directors.html
Do the math now. IBR owns 49,600 net acres, so Velvet paid C$2,800 per Montney acre.