According to the company, the share exchange ratio was 1.67 of a common share of Storm Ventures International (SVI) for each ordinary share of Silverstone Energy (SEL), and SVI issued approximately 34.6 million SVI shares pursuant to the acquisition.
The basis for the share exchange ratio was determined by the results of independent engineering valuations of proven and probable (2P) reserves on an after-tax basis for both companies and certain other minor assets. Prior to completing the acquisition, SVI indirectly owned approximately 33% of the outstanding ordinary shares of SEL.
Following completion of the acquisition, SVI has approximately 76.2 million SVI shares outstanding and 2P reserves of 36 million barrels of oil equivalent.
The two companies complement each other with SEL being a focused gas play in the UK continental shelf and SVI being a focused oil play in Tunisia.
Storm Ventures focuses on early stage information technology companies which leverages operational experience and global network. Its partners mainly include the financial institutions.
