It is a fairly common type of transaction, but is unusual in the fact that they buyer has not yet been disclosed, other than the comment it is a public company. The buyer is paying $110 million for GXE's heavy oil Lloydminster operations. The balance of the company is being spun out to shareholders as a new company (Newco). GXE holders will get $0.607 for each GXE share or 0.3035 Newco shares, or a combination of the two, at their discretion. There will be a cap on the amount of cash, so shareholders will likely receive a combination of cash and shares. Full details will be provided in the circular, which will be available in the next week or so, depending. For now, that is all the information available. If the deal is approved, GXE as it exists will be delisted and the new company will be listed. We doubt another offer emerges.
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