Tamarack Valley Energy Ltd (TSX:TVE) entered into an agreement to acquire Spur Resources Ltd. for approximately CAD 390 million in cash and stock on November 2, 2016. Under the terms of the transaction, Tamarack will issue an aggregate of 90.1 million common shares of Tamarack and CAD 57.3 million in cash as consideration. Tamarack will also be assuming Spur’s net debt, estimated to be CAD 25.7 million as at November 30, 2016. On termination of the deal, the defaulting party shall pay a termination fee of CAD 16.3 million. Upon completion, Ian Currie, President and Chief Executive Officer of Spur, is expected to join the board of directors of Tamarack. All directors and officers of Spur, representing approximately 34% of the issued and outstanding Spur Shares have agreed to vote their Spur Shares in favor of the Combination. The board of directors of Tamarack and Spur has unanimously approved the transaction. As per the arrangement, each Spur Share shall be exchanged for either 1.6896 Tamarack Shares or CAD 6.08 in cash, 0.3333 common shares of in a newly formed private company (Newco) and also 0.20 of a Newco share purchase warrant. Each whole Newco Warrant will entitle the holder to acquire one Newco Share at an exercise price equal to CAD 2.87 per share at any time on or before the close of business on the 30th day following the closing of the acquisition. The information circular will be sent to the shareholders by December 2017. The transaction is subject to the receipt by Tamarack and Spur of all court, stock exchange and other regulatory approvals, receipt of the requisite shareholder approvals of Tamarack and Spur and other customary closing conditions. The transaction is expected to close on or about January 11, 2017. Peters & Co., Limited, Macquarie Capital Markets Canada Ltd. and CIBC World Markets, Inc. acted as financial advisor to Tamarack. National Bank Financial, Inc. acted as financial advisor to Spur Resources. Shannon M. Gangl of Burnet, Duckworth & Palmer LLP acted as legal advisor to Spur Resources. Sony Gill of McCarthy Tétrault LLP acted as legal advisor to Tamarack Valley Energy. After the completion of transaction, Tamarack completed an amalgamation of Tamarack Acquisition Corp. and Spur. The amalgamated corporation will continue as a wholly owned subsidiary of Tamarack under the name, Tamarack Acquisition Corp. Tamarack Valley Energy Ltd (TSX:TVE) completed the acquisition of Spur Resources Ltd. on January 10, 2017.