On August 15, 2023, LNG Energy Group Corp. completed a reverse takeover of Mind Cure Health Inc. by way of a court-approved plan of arrangement. LNG is focused on the acquisition and development of natural gas production and exploration assets in Latin America.
In connection with the reverse takeover, LNG completed a financing of subscription receipts for gross proceeds of approximately C$22.5 million comprised of (i) a brokered private placement subscription receipt financing for gross proceeds of approximately C$22.3 million, and (ii) a non-brokered private placement subscription receipt financing for gross proceeds of C$133,000.
On closing of the reverse takeover, LNG also closed a US$70 million secured credit facility with Macquarie Group and completed the acquisition of all of the issued and outstanding shares in the capital of Lewis Energy Colombia, Inc. for US$100 million. The acquisition of Lewis Energy Colombia was funded, in part, by the credit facility and, in part, by the proceeds from the subscription receipt financing.
The common shares of LNG are expected to be listed and commence trading on the TSX Venture Exchange under the symbol “LNGE” in early September.
Cassels acted for LNG.