Indo Pacific Energy Pty Ltd. completed the acquisition of Orchid Capital Ltd. in a reverse merger transaction.
The deal is subject to the parties being satisfied with their respective due diligence investigations on or before March 31, 2011. The deal is subject to and conditional upon the parties obtaining all necessary regulatory, third party and Orchid's shareholder consents and approvals, to approve the deal and the issue of the 220 million shares and the issue of Orchid Shares under the initial capital raising, the change in Orchid's activities, any consolidation by Orchid of its capital, the issue of any further Orchid shares required for Orchid and the proposed change of name from Orchid to Coral Sea Petroleum Limited. The deal is also subject to the lodgment of a prospectus by Orchid with ASIC and with the ASX with respect to any capital raising required by Orchid and on successful completion of the initial capital raising and the IPO capital raising, ASX issuing a letter to Orchid confirming that it will re-instate the quotation of Orchid's securities after conclusion of the transaction and the execution by the parties of the fundraising agreement and the loan agreement. The purchase agreement is expected to be executed on April 15, 2011. The general meeting of shareholders of Orchid will be held on June 16, 2011 to consider the approval of the deal.
As of September 6, 2011, Orchid Capital completed the due diligence investigations on Orchid Capital Ltd assets have and accordingly the due diligence condition precedent to the transaction has been satisfied. As of January 16, 2012, condition of the successful capital raising by the Orchid Capital of 27 million shares at an issue price of AUD 0.025 is successfully completed. A general meeting of shareholders of Orchid Capital will be held on March 15, 2012, to approve the acquisition and transaction is expected to be settled by May 11, 2012. As of May 15, 2012, the transaction was approved by the shareholders of Orchid Capital.
Indo Pacific Energy Pty Ltd. completed the acquisition of Orchid Capital Ltd. (ASX:ORC) in a reverse merger transaction on August 3, 2012.