Pilgrim Petroleum Corp. (PGPM)

[boxster2008]

It is item 1.01 of the 8K filing for IMVS - Lariat & American Petroleum will have "55.7% of the issued & outstanding common stock of the company at closing". Therefore, they have given IMVS shareholders 44.3% (I just rounded it to 45% to make it easy) of the combined entity in exchange for avoiding the costs & work involved in becoming a OTCBB reporting company.
I would view it as generally positive (I don't think saying the stock will go to over a penny is negative at all - that is a 6-8 fold increase). But, IMVS was effectively bankrupt (not traded since June and about $2,500 in cash and no assets) so they bring nothing to the combined entity other than the OTCBB status as a reporting company.
If you believe the financials, they should trade above a penny after closing. However, past history is likely to hold it back until they have their first SEC filing and audited financials.
Let's hope it happens and we'll all make good money.