Pieridae Energy completed its business combination with Pétrolia positioning itself to develop Canada’s only integrated LNG company.
The arrangement forming a new company under the Pieridae Energy name will enable Pieridae to strategically position itself in the North American equity markets as a developing fully integrated energy company, from upstream production to the sale of liquefied natural gas (LNG), the company said in a statement.
Former Pieridae’s Goldboro LNG facility project combined with the resource potential held by Pétrolia, constitutes an opportunity for investors to participate in the evolution and growth of Canada’s only integrated LNG facility holding key permits and approvals for its current stage of development.
At the recently-held annual and special meetings of the shareholders of the two companies, the terms of the arrangement and related transactions were approved by both sets of shareholders.
The arrangement was also approved by the Quebec Superior Court on October 16, 2017, the two companies said in a joint statement.
The combination became effective on October 24, the date the Certificate of Arrangement was issued.
In connection with the completion of the arrangement on October 24, gross proceeds of $24,650,000 were released from escrow to Pieridae and 1,970,600 Former Pieridae subscription receipts were automatically converted into 4,346,655 Pieridae shares.
Pieridae Energy’s Goldboro LNG project located in Nova Scotia will include a natural gas liquefaction plant and facilities for the storage and export of LNG. The facility is anticipated to produce approximately ten million metric tonnes of LNG per year and have on-site storage capacity of 690,000 cubic meters of LNG.