love this: On Friday 22nd June, 2007, Terax Energy announced, in a press release, that it has finalized the agreements for the following to occur with Westar Oil: A share exchange which includes a change in name from Terax Energy, Inc. to Westar Oil and Gas Inc, and the acquisition of $175 Million in senior debt.
Westar Oil has executed an agreement with a New York-based energy lender to provide up $175 Million of senior debt financing for the company, subject to certain due diligence conditions. The $175 Million of financing is allocated to close two major oil and gas acquisitions involving current production with substantial upside in additional drilling. The senior debt is secured by the oil and gas properties being acquired. No shares of the company are being issued to obtain this financing. Westar Oil has also executed on its purchase of the balance of the shares which were part of its original purchase agreement with Terax. In addition, several contracts which Westar is set to close will be assigned to the new company. Furthermore, the company will be issuing a stock dividend to the shareholders of record upon the date the symbol changes to Westar, which is expected to occur within the next 10 days. The stock dividend will be for the difference in the stock price on the date of the symbol change and the value of $6.75 per share.
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