HNR Acquisition in an 8-K said it adjourned a shareholders meeting to vote on the proposed merger with POGO Resources, a New Mexico-based oil company. The meeting has been rescheduled to Nov. 13.
The SPAC also disclosed it entered into forward purchase agreements for 3 million shares with funds controlled by Meteora.
After several revisions since the deal was announced in January, the purchase consideration consists of $63 million in cash plus 2 million shares of a new class of Class B stock, which have no economic rights (voting only) and 2 million units in the newly-formed subsidiary, HNRA Upstream, which are exchangeable for 2 million shares of the company’s newly-created Class A stock.
With offices in Dallas, TX and Hobbs, NM, Pogo’s management comprises industry experts with operational experience at both major oil and gas companies and smaller, entrepreneurial ventures, according to the company website.
HNR signed a commitment letter with First International Bank & Trust for a senior secured term loan of $28 million to fund a portion of the purchase price. Read more.
