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Shell Summary for Dec. 9, 2016

2016-12-09 21:01 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange slipped 0.70 point to 748.80 Friday, ending the week down 0.57 point. Harris Dvorkin and Victor Luhowy's halted capital pool shell, Antler Hill Oil & Gas Ltd. (AHO), has modified the terms of its qualifying transaction with Kansas oil and gas explorer PetroPhoenix Capital Corp. To acquire PetroPhoenix, the shell will roll back 1 for 2, leaving it with 5.5 million postconsolidated shares issued, then issue 78,571,878 postconsolidated shares to its target's shareholders. Previously, the shell was going to roll back 1 for 10, then issue 15,714,376 postconsolidated shares.

In accordance with the new rollback ratio, Antler Hill has also revised the terms of its $1-million financing. It is now selling 15,625,000 postconsolidated shares at 6.4 cents (previously 3,142,875 postconsolidated shares at 31.818 cents). The resulting issuer, which will be called PetroPhoenix Resources Ltd., will use the proceeds for capital expenditures in Kansas and for working capital. PetroPhoenix Capital acquired its Kansas assets only four months ago. It hopes to have identified 10 prospects by June, 2017, and then drill its first four wells in the summer or fall of 2017.

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