Gear Energy Completes Asset Transfer and Share Acquisition Arrangement

Gear Energy ( (TSE:GXE) ) has shared an announcement.

Gear Energy Ltd. has completed a previously announced plan of arrangement involving the acquisition of its outstanding shares by a large publicly traded company. As part of the arrangement, Gear’s assets, excluding its Tucker Lake property, have been transferred to the newly formed Lotus Creek Exploration Inc. Consequently, Gear’s shares will be delisted from the TSX, while Lotus Creek shares will commence trading on the TSXV. Gear shareholders were given options for compensation, leading to adjustments due to oversubscription for cash.

More about Gear Energy

Gear Energy Ltd. is a company involved in the energy sector with a focus on heavy and light oil assets primarily located in Central Alberta and Southeast Saskatchewan.

YTD Price Performance: -1.39%

Average Trading Volume: 197,754

Technical Sentiment Consensus Rating: Buy

Current Market Cap: $92.03M

For detailed information about GXE stock, go to TipRanks’ Stock Analysis page.