Ikkuma Resources Corp.: Investor & Advisor
On August 23, 2018, Ikkuma Resources Corp. (“Ikkuma”) announced plans to complete a merger with Pieridae Energy Inc, Canada’s only majority Canadian-owned integrated LNG enterprise. For each common share of Ikkuma, each shareholder received 0.1925 of a common share of Pieridae, plus 0.1 share of a new light oil-focused energy producer, Briko Energy Corp. (“Briko”), and one common share purchase warrant of Briko. The merger closed in December 2018.
The exchange ratio valued the shares of Ikkuma at $0.86 per share (excluding the value of Briko shares and Briko warrants), which represented a premium of 188% to the closing price of Ikkuma shares on the day of the announcement.
KES 7 (or affiliates) was an investor in Ikkuma and served as financial advisor in relation to the merger.