Oando Energy Resources Incorporated has listed its shares on the Toronto Stock Exchange.

A statement from Oando Plc on Thursday, also announced that it had completed a reverse takeover of OER.

It added that the company was previously known as Exile Resources Incorporated.

The statement noted that by the listing, Oando Group remained the only company in Nigeria to have presence in three stock Exchanges – the Nigerian Stock Exchange, the Johannesburg Stock Exchange and the Toronto Stock Exchange.

The Group Chief Executive, Oando Plc, Mr. Wale Tinubu, was quoted in the statement as saying, “We are excited that the reverse take over is complete and that the TSX has given OER its approval for listing.

“This platform is expected to enable capital raises to meet OER’s immediate strategic objectives of growth in the upstream sector. Although Oando Plc will initially own a 94.6 per cent interest in OER, the listing opens up the opportunity to present OER to a new world of investors with the distinct appetite for E&P investments.”

Tinubu said that in consideration for the acquisition, OER issued 100.34 million post-consolidated common shares to Oando, of which 75.254 million post-consolidated common shares, representing 75 per cent of the post-consolidated common shares issued to Oando, are in escrow.

Continuing, he said, “Oando Energy Resources has subsequently obtained approval from the Toronto Stock Exchange to list its common shares and Warrants on the TSX under the symbol ‘OER.’ The common shares of OER will be delisted on the TSX Venture Exchange prior to the commencement of trading of those shares on the TSX.

“The RTO was preceded by the acquisition by OER of equity interests in certain entities in the upstream exploration and production division of Oando Plc.

“As previously announced, the restructuring was completed pursuant to a plan of arrangement which involved, among other matters, the consolidation of all of the outstanding common shares of OER on the basis of one new common share for every approximate 16.28 old common shares, then outstanding.

The statement added further that in connection with the acquisition, the following changes were made to the board of directors of OER: Mr. Ahmed Said resigned as a director of OER, Stanley Bharti resigned as Chairman and Mr. Tony Henshaw resigned as Chief Executive Officer.

In addition, Mr. Jubril Tinubu was appointed as a new director and Chairman of OER, Mr. John Orange was appointed as a new director, Mr. Omamofe Boyo was appointed as a new director, Mr. Olapade Durotoye was appointed as Chief Executive Officer, and Mr. Adeola Ogunsemi was appointed as Chief Financial Officer.

Source: Punch/Udeme Ekwere