Mart Resources (TSX: MMT, Forum) saw some significant love in the market today after the company announced it had entered into an arrangement agreement with Midwestern Oil (OTC: MWOG), San Leon Energy (GREY: SLGYF, Forum) and 1038221 B.C. Ltd (“Acquireco”).
According to the news release, Acquireco, a wholly-owned subsidiary of Midwestern, will acquire all the issued and outstanding common shares of Mart by way of a plan of arrangement where each Mart shareholder will receive $0.25 in exchange for each Mart common share held. The deal represents an aggregate cash consideration of approximately $89.2 million. Mart and its subsidiaries’ outstanding bank debt of US$200.5 million puts the overall transaction value at approximately US$263 million.
Mart’s shares rocketed 100% to $0.17 per share on high volume before a trade halt was placed.
Horizons BetaPro NYMEX Crude Oil Bear Plus ETF (TSX: HOD, Forum) like other oil-based ETFs didn’t do so well on the boards today even with the price of crude making a ~20% jump today. The oil and gas market aren’t out of the woods and there will likely be more bloodletting before oil makes a return which the Saudi’s expect to be around $57 per barrel sometime next year.
Shares fell 17.07% to $25.79 per share.
| Select Canadian Small/Micro-cap Advancers (as of 4:00 PM Eastern) |
| Mart Resources Inc (T.MMT, Stock Forum) |
100.00% |
| Horizon North Logistics Inc. (T.HNL, Stock Forum) |
34.04% |
| Black Diamond Group Limited (T.BDI, Stock Forum) |
25.32% |
| North American Financial 15 Split Corp. (T.FFN, Stock Forum) |
19.06% |
| Financial 15 Split Corp. Class A Shares (T.FTN, Stock Forum) |
18.00% |
| Select Canadian Small/Micro-cap Decliners (as of 4:00 PM Eastern) |
| Horizons BetaPro NYMEX Crude Oil Bear Plus ETF (T.HOD, Stock Forum) |
-17.07% |
| Horizons BetaPro S&P\/TSX Capped Energy Bear Plus ETF (T.HED, Stock Forum) |
-11.08% |
| DB Crude Oil Double Short ETN (DTO, Stock Forum) |
-9.16% |
| Horizons BetaPro S&P\/TSX 60 Bear Plus ETF (T.HXD, Stock Forum) |
-6.03% |
| Horizons BetaPro S&P 500 Bear Plus ETF (T.HSD, Stock Forum) |
-3.97% |