Kierland Resources Ltd. (TSX-V: KIR) has announced that its share purchase agreement for the acquisition of 96% of the issued shares of a privately owned company (PrivateCo) has been closed. PrivateCo is the holder of oil and gas properties located in Saskatchewan.
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The purchase of PrivateCo by Kierland has been completed through issuing 14.1 million common shares of Kierland at a price of Cdn$0.10 per share with a hold period of 4 months, assuming PrivateCo's bank debt of about Cdn$800,000 and a cash payment of Cdn$1,000,000 to PrivateCo.
About Kierland Resources Ltd.
Kierland Resources Ltd. is a publicly traded junior oil and gas company focused on exploration and development of oil and natural gas including Saskatchewan and Alberta. The Company remains focused on strategic acquisitions and aggressively expanding production, reserves and opportunistic transactions in this sector.
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