Magnum Hunter Resources Corporation (NYSE Amex: MHR) (the "Company") recently announced the execution of a definitive agreement to acquire 100% of the capital stock of Sharon Resources, Inc., a wholly owned subsidiary of Calgary based Sharon Energy Ltd. (TSX-V: SHY).
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The total consideration of $2.35 Million (USD) under the agreement will be paid in 2,294,474 shares of restricted common stock of Magnum Hunter Resources Corporation. This represents approximately 5.6% of the Company's 40.8 Million fully-diluted common shares outstanding as of August 1, 2009. No debt or any other liabilities will be assumed by Magnum Hunter and no other consideration beyond issuance of the new Magnum Hunter restricted common shares was paid for the acquisition. Closing is anticipated to occur on or about September 30, 2009 and is subject to certain customary conditions including, but not limited to, the receipt of all necessary regulatory approvals.
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