RE:Gain Energy LtdGain Energy Ltd. Production Acquisition
More dilution to come at I3e
https://ir.q4europe.com/Tools/newsArticleHTML.aspx?solutionID=3508&customerKey=i3energyltd&storyID=14745500&language=en
Under the PSA, i3 will be acquiring the Assets free of all encumbrances (apart from industry standard or acceptable permitted encumbrances) for cash consideration of C$80 million (~US$58.8 million) (the "Consideration"). In addition to normal interim period adjustments between the transaction effective date of 1 May 2020 and completion, the Consideration will be adjusted by an amount of interest accruing at Canadian Prime + 2% (totalling approximately 4.45%), and from 29 June 2020 until completion, the Consideration will be adjusted by C$500k (~US$368k) per calendar month accruing to compensate Gain for its management of the Assets.
Completion of the Transaction remains subject to i) financing to raise the cash consideration and working capital, ii) industry standard conditions precedent, and iii) i3 shareholder approval. The Company is in discussions with its investors and brokers and is seeking funding for the Consideration and general corporate purposes.