PetroBank to spin off PMG

dan_s · Post by **dan_s** » Wed Nov 03, 2010 10:02 am

CALGARY, ALBERTA--(Marketwire - Nov. 2, 2010) - Petrobank Energy and Resources Ltd. ("Petrobank") (TSX:PBG - News) and Petrominerales Ltd. ("Petrominerales") (TSX:PMG - News), a 66% owned subsidiary of Petrobank, are pleased to announce a corporate reorganization that will see Petrobank shareholders receive Petrobank's proportionate interest in Petrominerales (the "Reorganization"). Petrobank and Petrominerales have signed an arrangement agreement detailing the terms and conditions of the Reorganization. The Board of Directors of each company, after having received a recommendation from an independent committee of its directors, have unanimously approved the Reorganization.