International Petroleum Corporation (IPC) has filed a non-offering preliminary prospectus with the Alberta Securities Commission (ASC) to enable itself to become a reporting issuer.
International Petroleum has applied to list its common shares on the Toronto Stock Exchange (TSX) under the symbol “IPCO” and also intends to list its shares on Nasdaq Stockholm.
International Petroleum Corporation was incorporated under BCBCA on January 13, 2017 for the purpose of acquiring all of the oil and gas exploration and production properties and related assets (non-Norwegian producing assets) of Lundin Petroleum AB (Nasdaq Stockholm: LUPE), located in Malaysia, France and the Netherlands.
Under the contribution and transfer agreements, all of the shares of Lundin Petroleum BV and all of the shares of Lundin Services Ltd., which are currently owned by Lundin Petroleum AB, will be transferred to IPC in exchange for the issuance by IPC to Lundin Petroleum AB of a number of common shares. IPC will then transfer Lundin Petroleum BV to International Petroleum Coöperatief UA, which will be a subsidiary of IPC immediately before the reorganization.
Following the reorganization, all of the common shares of IPC will be distributed by Lundin Petroleum AB on a pro rata basis to all of its shareholders.
Immediately following reorganization, IPC will have 113,462,148 common shares outstanding. IPC is valued at approximately CDN $541 million.
Nemesia S.à.r.l., an investment company wholly owned by a Lundin family trust, and Statoil ASA, two largest shareholders of Lundin Petroleum AB, will own 29,062,512(25.6%) and 22,805,892(20.1%) of outstanding shares of IPC.
BMO Capital Markets Limited is acting as exclusive financial advisor to Lundin Petroleum for the listing. Pareto Securities in Sweden is acting as issuing agent. Blake, Cassels & Graydon LLP and Gernandt & Danielsson Advokatbyrå KB are acting as legal advisors to Lundin Petroleum and IPC.
photo credit: Lundin Petroleum