Raytec Metals To Purchase Lion Petroleum

Law360, New York (August 26, 2009, 5:08 PM EDT) -- Raytec Metals Corp. has reached an agreement to acquire Lion Petroleum Corp., a Vancouver, British Columbia-based oil and gas exploration company whose principal assets are exploration blocks in northeastern Kenya.

Under the deal, which remains subject to certain conditions, Raytec would fork over about 28.4 million Raytec common shares in exchange for about 23.9 million common shares in Lion Petroleum, according to Raytec.

Raytec and Lion, which have already entered into a binding letter of intent, expect to finish off their respective due diligence investigations and...
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