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A file photo of the logo for Spartan Delta Corp. Calgary producer Spartan Delta Corp. says it has agreed to buy private rival Inception Exploration Ltd. and two packages of oil and gas assets in northwestern Alberta for a total of $148 million in cash and shares. The company, founded last spring through a recapitalization of Return Energy Inc. that put in place a new management team, says it has also arranged an $80-million equity financing through National Bank Financial. Spartan says it has agreed to issue 23.7 million common shares to Inception shareholders at a deemed price of $3.83, for a total of $90.8 million. It is also to issue a $50-million promissory note to an Inception debtholder that will be convertible to common shares two years after the deal closes. READ MORE: Cautious optimism for oil sector as fourth-quarter reporting season dawns Inception directors Steve Lowden and Elliot Weissbluth are to join the Spartan board upon completion of the acquisition. Separately, Spartan says it has agreed to pay $22.9 million for one set of assets ($17.2 million in cash and 1.5 million shares) and about $6 million for the other package. The additions are expected to boost […]
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