Big Merger in oil & Gas Canadian space WhiteCap and Torc OilM&A starting in Canada in an all stock swap deal.
TORC ("TORC Shareholders") will receive 0.57 Whitecap common shares (the "Whitecap Shares") in exchange for each TORC common share held (the "TORC Shares"). The at market exchange ratio was determined using ten-day volume weighted average share prices of the Whitecap Shares and the TORC Shares on the Toronto Stock Exchange ("TSX") prior to the signing of the Agreement. CALGARY, AB , Dec. 8, 2020 /CNW/ - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) and TORC Oil & Gas Ltd. ("TORC") (TSX: TOG) are pleased to announce a business combination (the "Business Combination") of two strong energy franchises resulting in a well-capitalized, low decline, light oil weighted company with an attractive free funds flow profile.
Whitecap and TORC have entered into a business combination agreement (the "Agreement") under which the companies have agreed to combine their businesses in an at market, all-stock transaction valued at approximately $900 million , including TORC's net debt, estimated at $335 million as of December 31, 2020 . Under the terms of the Agreement, shareholders of TORC ("TORC Shareholders") will receive 0.57 Whitecap common shares (the "Whitecap Shares") in exchange for each TORC common share held (the "TORC Shares"). The at market exchange ratio was determined using ten-day volume weighted average share prices of the Whitecap Shares and the TORC Shares on the Toronto Stock Exchange ("TSX") prior to the signing of the Agreement.