3P International Energy Corp (CVE:DOH) (PINK:TPNEF) has made a more specific proposal to acquire interest in five oil fields and provided additional information on their targets.
On Monday, November 21, 3P published an update to the earlier proposed reverse takeover transaction. The company said they have determined the definitive structure to the deal with Gastek LLC. 123.8 million shares will be issued to Parma Limited, the owner of Gastek, acquiring all of the outstanding units of their subsidiary.
The news also included information about the oil fields in which 3P seeks to obtain interest. The acquisition would increase 3P production more than tenfold, allow them to use additional oil and gas service equipment and make work of a local business partner.
DOH stock trading remains on halt by IIROC since the end of October.Shortly after the halt, 3P announced their intentions to acquire a 30% interest in five license areas in the Dnieper-Donetsk basin in Ukraine. The letter of intent was entered into with Gastek LLC which owns indirectly a 30% interest in KUB-Gas LLC, which in turn owns the licenses in question. Four of these licenses are producing natural gas.
The transaction should be paid for in stock and will record a reverse takeover of 3P as the stock issued for acquisition would sum up to 60% of all DOH stock.
