Long Run holders approve plan of arrangement for 6.4% convertibles

By Wendy Van Sickle

Columbus, Ohio, Feb. 29 – Long Run Exploration Ltd. has received securityholder approval for the plan of arrangement under which Calgary Sinoenergy Investment Corp. will acquire all of its outstanding 6.4% convertible unsubordinated debentures due Jan. 31, 2019, according to a press release.

Long Run debentureholders will receive $750 for each $1,000 principal amount of debentures plus accrued through the day immediately prior to the effective date of the arrangement.

The arrangement is expected to close in late April and was approved by more than 95% of the votes cast by Long Run debentureholders, according to the release.

Calgary, Alta.-based Long Run is an oil and natural gas company focused on light oil and NGL development and exploration in western Canada.

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