Vermilion Energy Inc. (VET,VET.TO) announced that it sold 26 million common shares of Coelacanth Energy Inc. through privately negotiated transactions with various sellers, at a price of $0.76 per share for a total purchase price of $19.76 million. As the sale represented more than 2% of Coelacanth's issued and outstanding shares, Vermilion was required to provide disclosure of the transaction.
Prior to the sale, Vermilion held 80.18 million common shares, representing approximately 15.0% of Coelacanth's issued and outstanding shares. Following the transaction, Vermilion now holds 54.18 million common shares, representing approximately 10.2% of the company's outstanding shares.
Under the terms of the amendment, Vermilion may not sell more than 4 million of its remaining shares without the consent of Coelacanth.
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