The subscription is expected to be completed by the end of January. (Source: Shutterstock)
Todd Minerals Ltd.’s subsidiary Todd Sizzon Ltd., also known as Todd Holdco, entered into a subscription agreement with Northcliff Resources Ltd., according to a Jan. 23 press release.
Pursuant to the agreement, Todd Holdco will acquire 37,333,333 common shares in Northcliff at a purchase price of CA$0.01875 (US$ 0.014) per common share for an aggregate purchase price of CA$700,000 (approximately US$517,000), the release stated.
Following the acquisition, Todd Holdco will hold an aggregate of 476,391,477 common shares, representing approximately 80.87% of the issued and outstanding common shares, according to the release. Prior to this agreement, Todd Holdco held approximately 79.57% of Northcliff’s common shares, or 439,058,144 common shares.
The subscription is expected to be completed by the end of January.
Recommended Reading
Enbridge Announces $500MM Investment in Gulf Coast Facilities
2024-03-06 - Enbridge’s 2024 budget will go primarily towards crude export and storage, advancing plans that see continued growth in power generated by natural gas.
Pembina Pipeline Enters Ethane-Supply Agreement, Slow Walks LNG Project
2024-02-26 - Canadian midstream company Pembina Pipeline also said it would hold off on new LNG terminal decision in a fourth quarter earnings call.
TC Energy's Keystone Oil Pipeline Offline Due to Operational Issues, Sources Say
2024-03-07 - TC Energy's Keystone oil pipeline is offline due to operational issues, cutting off a major conduit of Canadian oil to the U.S.
TC Energy’s Keystone Back Online After Temporary Service Halt
2024-03-10 - As Canada’s pipeline network runs full, producers are anxious for the Trans Mountain Expansion to come online.
Enbridge Fortifies Dominant Role in Corpus Christi Crude Transport
2024-03-20 - Colin Gruending, Enbridge executive vice president and president for liquids pipelines told Hart Energy the company’s holdings in South Texas are akin to a “catcher’s mitt” for Permian and Haynesville production.