NEWS ROUNDUP — Belmoral to buy oil and gas company

Toronto-based junior Belmoral Mines (ASE) has agreed to buy Langevin Resources, an oil and gas company managed by PanCanadian Petroleum (ASE).

In connection with the acquisition, Belmoral will issue more than 23.9 million special warrants at $2.30 each for gross proceeds of $55 million. Each special warrant will entitle the holder to acquire, at no additional cost, one Belmoral share on a post-consolidation basis, using an 18.75-to-1-share consolidation ratio.

Belmoral has also agreed to merge with Beau Canada Exploration, a Calgary-based oil and gas company. The merger, which will occur on a share-for-share basis, is subject to completion of the special warrant financing and the acquisition of Langevin.

The acquisition and merger are expected to be completed before Oct. 31. The transactions involved have yet to be approved by regulators and shareholders.