Sintana Energy finalizes Mobius Resources business combination

Sintana Energy Inc. and Mobius Resources Inc. recently announced the finalization of their business combination.

Before the agreement, Sintana was involved in exploring, acquiring and developing gas and oil properties located in the Magdalena Basin, Colombia; Mobius focused on gas and oil exploration in Alberta, Canada.

According to the business combination, Mobius has acquired the entirety of Sintana’s issued as well as outstanding common shares from existing holders with 0.26316 issuance. Mobius purchased all of these for each share with Sintana. This was done to combine Sintana with Mobius.

Another detail in the business combination is that Mobius will now be named Sintana Energy Inc. In addition, each of Sintana’s outstanding shares will now acquire Mobius shares because of adjustments that must be made in exercise and number price.

Each of Sintana’s stock options will be replaced with an equal stock option from Mobius. These will be subject to future adjustments in exercise price and number, which will affect the Exchange Ratio. Before the agreement goes into effect, all of the Mobius stock options that are outstanding will be changed according to the agreement. These changes are scheduled to be implemented on Aug. 10, 2015.

Additionally, the two companies will now have a new, combined management and board composition.