Journey Energy Inc. acquires Briko Energy Corp.

1 minute read
19 August 2021

On August 19, 2021, Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) ("Journey") announced that it had closed the previously announced acquisition of Calgary-based junior oil and gas company Briko Energy Corp. ('Briko'), by way of Plan of Arrangement under the Business Corporation Act (Alberta). The acquisition price was paid via the issuance of 3.5 million Journey shares plus $2.9 million of cash. 

The Board of Directors of Briko had earlier unanimously approved the acquisition, based in part on a verbal opinion from the company's financial advisor Sayer Energy Advisors that the transaction was in the best interests of Briko and fair from a financial point of view to Briko shareholders. The shareholders of Briko subsequently voted overwhelmingly in favor of the Journey acquisition with 92% of the votes cast approving the deal.

Frank Sur of Gowling WLG advised Sayer Energy Advisors with respect to this transaction.


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