On January 21, 2016 Mart Resources, Inc. ("Mart") entered into an Arrangement Agreement with Midwestern Oil & Gas Company Limited ("Midwestern"), San Leon Energy Plc ("San Leon") and 1038221 B.C. Ltd. ("1038221").
Under the terms of the Arrangement Agreement, Midwestern acquired all of the issued and outstanding common shares of Mart by way of Plan of Arrangement. Each Mart shareholder received $0.25 in exchange for each Mart common share held for aggregate consideration of approximately CAD $89.2 million. Midwestern assumed approximately US$200 million of Mart outstanding bank debt for a total transaction value of approximately US$263 million. FirstEnergy Capital LLP acted as financial advisor to the Special Committee of the Board of Directors of Mart.
Osler acted for Mart with a team led by Edward Tapuska and included Rummy Basra, Frank Turner, Marissa Leclair (Corporate/Securities) and Tommy Gelbman (Litigation).