Interlake Development plans to amalgamate with two of its subsidiaries and a fourth company, all of which have interlocking management and hold jointly certain oil and gas property interests, and change its name to International Interlake Industries.
The subsidiary companies are Beaverhead Resources and Claytron Energy. New Penn Energy is the fourth company. Shares of Interlake will be exchanged for those of the new company on a 5-for-1 basis, Beaverhead on an 11.95-for-1 basis, New Penn on a 5.85-for-1 basis and Claytron on a 23-for-1 basis. When the amalgamation becomes effective on Dec 31, the amalgamated company will have 3,604,563 shares outstanding and will have a combined net asset value of $43,122,000 or $11.96 per share.
Deep drilling is continuing on Interlake’s Hemlo property.
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