Proactiveinvestors recommends
Additional Information
Market: TSX
Sector: Support Services
EPIC: NRX
1 year chart
digital-look imported chart image
1 day chart
digital-look imported chart image
Norex Exploration Services Inc
www.norexxpl.com

Norex Exploration Services provides 2D, 3D, 4D and 3C land-based seismic data acquisition services in Canada and the United States.

Full Norex Exploration Services Inc profile here
Pdf

Norex Exploration Services and Telsa Exploration agree to merge

11th Jan 2010, 2:22 pm
Norex Exploration Services and Telsa Exploration agree to merge

Norex Exploration Services (TSX: NRX) ("Norex"") and Tesla Exploration ("Tesla"), a private company headquartered in Calgary, Alberta, announced a definitive agreement to combine their businesses through a share exchange.  Tesla and Norex operate in the geophysical services sector of the oil and gas development industry.


The deal looks very likely to go ahead, as 64% of Norex shareholders and more than 90% of Tesla shareholders have already signed lock up agreements in support of the transaction.  The combined entity will remain listed on the Toronto Stock Exchange, and will be headed up by Tesla’s current President  & CEO, Richard Habiak.  Post merger, Telsa shareholders will retain 70% of the combined business, with Norex shareholders owning 30%. Norex will also change its name of Tesla Exploration.


Richard Habiak, the President & CEO of Tesla, stated "This transaction will create a leading geophysical services provider with strong operations internationally as well as a broad footprint in North America. Tesla has been successful in achieving aggressive international growth throughout the past five years and we are excited to continue this growth through the combination of the operations and equipment of Tesla and Norex. After the closing of the Combination, Tesla will be the largest geophysical services provider in Canada."

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.