Davis LLP Client Closes $50M Financing and Plan of Arrangement

Published: Wednesday, 20 October 2010

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On September 28, 2010, Zodiac Exploration Corp. ("Zodiac") completed its plan of arrangement ("Arrangement") with Peninsula Resources Ltd. ("Peninsula"), pursuant to which a wholly owned subsidiary of Peninsula amalgamated with Zodiac and continued as Zodiac Exploration Corp. Peninsula acquired all of the issued and outstanding shares of Zodiac through the issuance of common shares of Peninsula ("Peninsula Shares").

Former Zodiac shareholders received 1.45 Peninsula Shares for each Zodiac common share held and 1.45 Peninsula Shares for each Zodiac Class "A" common share held.

Peninsula continued its domicile from British Columbia to Alberta and changed its name to Zodiac Exploration Inc. In connection with the Arrangement, on September 2, 2010 Zodiac completed a brokered private placement of 98,039,216 subscription receipts, each representing the right to receive one Class "A" common share of Zodiac, for aggregate gross proceeds of $50,000,000.

The proceeds of the private placement were released to Zodiac upon closing of the Arrangement and will be used to fund exploration and development activities.

Davis LLP represented Zodiac for the Arrangement and the private placement. The Davis team was led by Trevor Wong-Chor and included Michael Coburn, Peter Soby, Jonathan Brown and Meghan Rollins.