Camber Energy, Inc. [NYSE: CEI] revealed that the company has inked a definitive contract with a Plan to merge with Viking Energy Group, Inc. The companies reached the agreement through a reverse triangular merger structure.
Currently, Camber already possesses Viking energy’s 62% of all issued and outstanding common stock. The Merger Agreement contemplates Camber’s newly issued shares of common stock in return for the balance of Viking’s common stock. It contemplates through a converse three-sided merger structure on one-on-one premises. For instance, if a Viking investor possesses 100 shares of common stock of Viking promptly before closing of the Merger. That investor would get 100 shares of common stock of Camber on closing of the Merger.
James Doris, President, and CEO of the two organizations said, “We are extremely happy with the transaction that happened between Camber and Viking in the recent 60 days. We are also full of excitement for this last step to completely merge the two companies. We believe will place the enterprise in a surprisingly better situation to increase stockholder value.”
The Merger Agreement additionally contemplates each outstanding stock of Series C Preferred Stock of Viking being traded for one stock of Series A Preferred Stock of Camber. The shares will have the qualities as set out in the Merger Agreement. Merger completion is subject to various conditions, including yet not restricted to receipt of all necessary regulatory approvals. It is also subject to the approval of the investors of Viking and Camber. The completion is also dependant upon the fulfillment of all pertinent regulatory prerequisites.