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Canadian LNG project developer Pieridae Energy agreed to buy Ikkuma Resources by way of a plan of arrangement. The completion of the arrangement will provide Pieridae with ownership of an extensive area of producing and gas-prone reserve and resource properties situated primarily in the central Alberta Foothills area, as well as certain interests in Cardium light oil-focused Alberta Foothills properties to a newly formed private corporation, ExploreCo.On completion of the arrangement, each shareholder of Ikkuma will receive, for each common share of Ikkuma, 0.1926 of a common share of Pieridae and 0.1 of a share of ExploreCo, with Ikkuma shareholders holding 100 percent of ExploreCo upon completion, Pieridae said in its statement.However, the completion of the deal is dependent on the approval by the Alberta Energy Regulator (AER).The exchange ratio values the shares of Ikkuma at $0.86 per share, representing a premium of 188 percent to the closing price of $0.30 per share as of August 23, 2018, of Ikkuma common shares on the TSX Venture Exchange.Pieridae said the acquisition of Ikkuma is an important step in the execution of its strategic plans for the acquisition of natural gas reserves and resources.Pursuant to the arrangement Pieridae will acquire the natural gas properties at metrics significantly below the cost of similar reserves and resources in other parts of North America, which is expected to provide one of its long-term competitive advantages for delivering liquefied natural gas to European and other markets.The cost of acquisition represents less than 0.015 percent of the total cost of Pieridae’s proposed Goldboro LNG project and represents a significant step towards reaching the final investment decision in 2018, Pieridae Energy said.Ikkuma is expected to provide a basis for further consolidation of long-life natural gas assets in Alberta and British Columbia that are complementary to the feedstock needs of Pieridae.As part of the acquisition, Pieridae will retain the team of Ikkuma to lead the development of its natural gas properties both in Western and Eastern Canada.Both Pieridae and Ikkuma believe that the Goldboro LNG facility, combined with the natural gas properties of Ikkuma, contributes to the evolution and growth of Canada’s only majority Canadian owned integrated LNG enterprise.The Boards of Directors of each of Ikkuma and Pieridae have unanimously approved the arrangement agreement, and the Ikkuma board of directors, on the recommendation of a committee of independent directors, has unanimously determined that the arrangement is in the best interests of Ikkuma.
Cathy S. Baylor, 66 of Milan passed away Friday December 9, 2016 at West Chester UC Hospital in West Chester, Ohio. Cathy was born Wednesday August 23, 1950 in Bartholomew County, Indiana the daughter of Earl and Betty (Joy) Brown. She married Jack N. Baylor March 17, 1977 and he survives. She had been a former employee of both Arvin and Cummins in Columbus. She was a member of the East Columbus Christian Church. She liked horseback riding, loved all animals, liked to sew and crochet and was an avid reader, and liked spending time with her family that she loved most of all. Cathy had battled with kidney dialysis the last 10 years.Cathy is survived by husband, Jack, daughters Kimberly Mahoney (Allen Ford) of Clifford, Indiana and Jackie Baylor of Milan, brothers Darwin (Alice) Brown and Gary (Jean) Brown, grandchildren Kayla Schultz and Alexis Smith, great grandchildren Aaron and Allen Smith, sister and brothers in law, nephews, nieces, cousins and a host of friends. She was preceded in death by son Christopher Bass, great grandson Landon Reynolds, and her parents.Funeral services will be at 10AM Wednesday December 14, at Laws-Carr-Moore Funeral Home, Milan with Pastor Tom Holt officiating. Burial will follow in New Craven Cemetery at Milan. Visitation will be Tuesday 5-8PM at the funeral home. Memorials may be made to either the Ripley County Humane Society or Milan Fire Dept. Laws-Carr-Moore Funeral Home entrusted with Cathy’s arrangements. Go to www.lawscarrmoore.com to leave an online condolence message for the family.