2011-04-08-2011-04-04-2011-06-08

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
37MM
Description

Bought JV partner with 33.3% WI in Block 9 & 10% WI in Block 10BB, both in Kenya, 15% WI in both Dharoor Valley & Nugaal Valley in Somalia.

Africa Oil Corp., Vancouver, (Toronto Venture: AOI) has closed its acquisition of Lion Energy Corp., Vancouver, (Toronto Venture: LEO) for C$36.7 million in stock.

Africa Oil issued 0.2 share per Lion Energy share, which has 86.1 million shares outstanding. Lion also has 2.58 million shares options with a weighted average exercise price of $0.16 per share, and 11,445,000 warrants.

Lion is a joint-venture partner of Africa Oil in Kenya and the Puntland region of Somalia. Its assets include 33.3% interest in Block 9 and 10% in Block 10BB, both in Kenya, plus 15% interest in both Dharoor Valley and Nugaal Valley in Somalia.

Africa Oil now holds 100% interest in Block 9, 50% interest in Block 10BB and 60% interest in both Draroor Valley and Nugaal Valley.

Haywood Securities Inc. was financial advisor to Lion.