Toronto-based Landmark Corp. (TSE) has acquired 450,000 Class A non-voting shares of Oakwood Petroleums from Drake Holdings Ltd. for a consideration of $450,000, the company said recent.
The company also retains an option to buy an additional 319,112 Oakwood Class A shares for either $1 or market value of the shares whenever the option is exercised (whichever is greater). The last possible expiry date for the option is Jan 30, 1989, said President Brian Ekstrom.
As a result of the transaction Landmark’s aggregate holding of Oakwood Class A non-voting shares stands at 17%. The company also holds 2.1 million Oakwood common shares, representing a 48% interest.
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