10:19:12 EDT Tue 23 Apr 2024
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ACL International acquisition of 50% of Langsa contract

2015-06-30 19:30 ET - Major Transaction Completed

The TSX Venture Exchange has accepted for filing ACL International Ltd.'s change of business from a general insurance brokerage issuer to an oil and gas issuer resulting from the arm's-length acquisition of a 50-per-cent working interest under the Langsa technical assistance contract from Blue Sky Langsa Ltd. for total consideration of $9,924,600 consisting of $100,000 in cash and 81,871,667 shares of the Company at a deemed price of 12 cents per share ($9,824,600) pursuant to asset purchase agreement dated March 13, 2015, as amended by the amended and restated asset purchase agreement dated April 30, 2015.

For further information on the change of business, please refer to the company's filing statement dated June 1, 2015, available on SEDAR.

The exchange has been advised that the above transaction, approved by shareholders by consent, has been completed.

Graduation from NEX to the TSX Venture Exchange

The company has met the requirements to be listed as a TSX Venture Exchange Tier 1 company. Therefore, effective at the opening on Thursday, July 2, 2015, the company's listing will transfer from the NEX to the TSX Venture Exchange, the company's tier classification will change from the NEX to Tier 1, and the filing and service office will change from the NEX to Calgary.

Symbol change

Effective at the opening on Thursday, July 2, 2015, the trading symbol for the company will change from ACL.H to ACL. The company is classified as an oil and gas company.

Capitalization:  unlimited shares with no par value of which 95,882,934 shares are issued and outstanding

Escrow:  74,871,667 shares are subject to an 18-month staged-release escrow, all of which are subject to a Tier 1 value security escrow agreement

Resume trading

Further to the exchange bulletin dated Oct. 31, 2014, the company has now completed a change of business.

Effective at the opening on Thursday, July 2, 2015, trading in the company's shares will resume.

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