Petrobank and Petrominerales complete spinout of Petrominerales Holdings by Petrobank
December 31, 2010
Petrobank Energy and Resources Ltd. and Petrominerales Ltd. completed a corporate reorganization pursuant to which Petrobank shareholders received Petrobank’s proportionate interest in Petrominerales. Petrominerales, which was a TSX listed 66% owned subsidiary of Petrobank prior to the spin-out, pursues a repeatable, high impact exploration strategy, focused in Colombia and Peru. Each Petrobank shareholder received 0.6142 Petrominerales shares for each Petrobank share held, through the receipt of shares of a newly incorporated Alberta corporation that acquired all of the shares of Petrominerales. Existing public shareholders of Petrominerales received one share of the new public company for each Petrominerales held. The spin-out was completed on December 31, 2010 by way of a plan of arrangement under the Business Corporations Act (Alberta) and a concurrent scheme of arrangement under The Companies Act 1981 (Bermuda). Petrobank continues to own all of its other existing assets, including heavy oil and bitumen assets, Archon Technologies Ltd., which owns Petrobank’s proprietary THAI™ and related technologies, and 59% of the outstanding shares of TSX listed PetroBakken Energy Ltd.
McCarthy Tétrault LLP represented Petrobank Energy and Resources, with a team led by Robert Hansen.