Mart Resources, Inc. has entered into an arrangement agreement with Delta Oil Nigeria B.V.. Under the terms of the Arrangement Agreement, an indirect wholly-owned subsidiary of Delta will acquire all of the issued and outstanding common shares of Mart by way of a plan of arrangement under the Business Corporations Act (Alberta) Each Mart shareholder will receive CAD$0.35 in exchange for each Mart common share held for aggregate consideration of all Mart shares of approximately CAD$124.92 million. At closing, Mart is expected to have approximately US$200.5 million of outstanding bank debt.

The Per Share Consideration represents an 84% premium to the closing price and an 86% premium to the 20 day VWAP price of Mart's common shares on the Toronto Stock Exchange on October 15, 2015.

Tags: Mart Resources