TransAtlantic Petroleum Ltd. (NYSE-MKT:TAT) (TSX:TNP) reports that shareholders of Stream Oil & Gas Ltd. (TSX-V:SKO) approved the merger with TransAtlantic at a special meeting of shareholders held Nov. 12. The merger was approved by 98.0% of the votes cast by Stream shareholders. The transaction was previously approved by the boards of directors of both companies.
TransAtlantic will acquire 100% of Stream's 66,887,801 outstanding common shares for total consideration of 3.8 million TransAtlantic common shares, or 0.05657 of a TransAtlantic common share per share of Stream.
The arrangement agreement provides that 85% of the value of each Stream common share, or 0.04812 of a common share of TransAtlantic, will be issued at closing and an additional 15% of the value of each Stream common share, or 0.00845 of a common share of TransAtlantic, will be issued in the event that certain amendments to Stream's Albanian license agreements are received within nine months of the closing date.
The transaction is expected to close on Nov. 18.