- CAMAC Energy (CAK -2%) agrees to acquire the remaining economic interests it does not currently own in the production sharing contract covering oil leases offshore Nigeria from Allied Energy.
- CAK will issue 497.5M shares, pay $170M in cash and issue a $50M convertible subordinated note.
- To fund the cash portion of the deal, CAK plans a $270M equity investment through a private placement of ~376.8M common shares, representing ~30% ownership interest in the company.
CAMAC Energy to buy Nigeria interests, announces $270M equity investment
Nov 20 2013, 12:27 ET