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Granite Oil agrees to sale to International Petroleum Corporation

Christian Fernsby ▼ | January 20, 2020
Granite Oil announced that it has entered into an arrangement agreement with International Petroleum Corporation (IPC), pursuant to which IPC will acquire all of the issued and outstanding common shares of Granite for cash consideration of $0.95 per share.
Granite Oil
Acquisition   Granite Oil
The Transaction is to be completed by way of a plan of arrangement under the Business Corporations Act Alberta.

Topics: Granite Oil sale International Petroleum Corporation

The Transaction values Granite at approximately $79.7 million, including the assumption by IPC of Granite’s net debt and transaction costs.

The cash consideration offered to Granite shareholders represents a 61% premium to the closing price of the Shares on January 17, 2020 and a 77% premium over the 30-day volume weighted average trading price of the Shares on the TSX up to and including January 17, 2020.