Granite Oil Corp GXOCF

Agreement Legal Advisor for Granite

[HIT2020]

DLA Piper Canada advised Granite Oil in its transaction with International Petroleum ‎Corporation

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24 JAN 2020

On January 20, 2020 Granite Oil Corp. (Granite) announced that it had entered in an arrangement agreement with International Petroleum Corporation (IPC) providing for the acquisition by IPC of the issued and outstanding shares of Granite Oil for cash consideration of $0.95 per Share. DLA Piper (Canada) LLP acted as legal advisor to Granite Oil for the transaction.

The transaction is to be completed by way of a plan of arrangement under the Alberta Business Corporations Act, with a value of approximately $79.7 million, including debt, assigned to Granite. GMT Capital Corp, Granite’s largest shareholder, has agreed to support the transaction. The deal is expected to close in March.

The DLA Piper Canada deal team in this transaction was led by Daniel Kenney and included Jonathan Brown, Matylda Makulska and Catherine Pawluch. Our oil and gas team is engaged in every aspect of the industry, with expertise which covers all growth stages within the oil and gas industry, from newly formed start-up ‎companies with experienced management teams to some of the largest integrated oil and gas ‎companies across the globe.

https://www.dlapiper.com/en/canada/news/2020/01/dla-piper-canada-advised-granite-oil-in-transaction-with-ipc/