Winstar Resources Ltd. (TSX: T.WIX, Stock Forum) said that it has entered into an arrangement agreement whereby Kulczyk Oil Ventures Inc., an international upstream oil and gas exploration and production company with a diversified portfolio of projects in Ukraine, Brunei and Syria, will acquire all of the issued and outstanding common shares of Winstar.
According to the Winstar Resources press release, under the terms of the agreement, each Winstar shareholder will receive $2.50 in cash or 7.555 KOV ordinary shares, subject to a maximum of $35 million, for each Winstar share.
The transaction values the entire issued and to be issued share capital of Winstar at approximately $112 million.
Winstar is an oil and gas exploration, development and production company with its principal operations in Tunisia.
On Thursday, Winstar was trading at $1.80 a share. The company had a market cap of $35.8 million shares outstanding. The 52-week high and low was $3.28 and $1.65 respectively.