KEYFACT Energy
International Petroleum Corp. and BlackPearl Resources Inc. announce that the securityholders of IPC and BlackPearl approved the previously announced strategic business combination of IPC and BlackPearl by way of a plan of arrangement under the Canada Business Corporations Act. Pursuant to the Arrangement, IPC will acquire all of the issued and outstanding common shares of BlackPearl and holders of BlackPearl Shares will receive 0.22 of a common share of IPC for each BlackPearl Share held.
BlackPearl expects to apply for a final order of the Court of Queen’s Bench of Alberta approving the Arrangement on December 13, 2018. Closing of the Arrangement is expected to occur on December 14, 2018.