BRIEF-Manitok Energy to acquire Raimount Energy

Wed Jun 29, 2016 5:53pm EDT
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June 29 (Reuters) - Manitok Energy Inc

* Manitok will acquire, indirectly through Acquireco, all of issued and outstanding common shares of Raimount

* Renewed its credit facility at $45 million, which is $5 million lower than its previous credit facility

* Required to reduce credit facility by $300,000 per month beginning on june 1, 2016

* Each raimount shareholder will receive 6 shares, 1.5 share purchase warrants in capital of manitok for each raimount common share held

* After closing of arrangement agreement & offering co anticipates to be drawn by about $37 million on credit facility on Aug. 31, 2016

* Brokered subscription receipt private placement Source text for Eikon: Further company coverage: (Reporting By Supantha Mukherjee)