Hyperion Exploration (TSX: V.HYX, Stock Forum) shares were certainly hyper today when the company announced that it had entered into an agreement with Tri-Win International Investment Group where Tri-Win agreed to buy all of the issued and outstanding shares of the company.
According to the news release, the transaction will be carried out at a price of $0.14 per common shares for an aggregate consideration of approximately $31.9 million. Tri-Win will also assume all of the company's debt.
The consideration for the company's shares represents a 100% premium over the weighted average trading price on the TSX over the last 20 days.
The transaction, expected to close on or about January 9, 2015, was unanimously approved by the company's board but is still subject to company shareholder approval in a vote anticipated to take place on or about January 6, 2015. An information circular will be mailed out to shareholders in December.
Hyperion Exploration was in the news recently when the company released Q2 2014 financial results back in the middle of August.
Shares rocketed 92.31% on the news to $0.125 per share.
Currently there are 54.2m outstanding shares with a market cap of $6.8 million.