15 September 2012, Sweetcrude, LAGOS – OANDO Plc says it has completed the reverse takeover of Oando Energy Resources Incorporated, OER, formerly known as Exile Resources Incorporated with the listing of the company’s shares on Toronto Stock Exchange, TSX.
Following the development, Oando Group has become the only company in Nigeria with three trans-border listings – the Nigerian Stock Exchange, NSE, the Johannesburg Stock Exchange, JSE, and the TSX.
Top executives of Oando Plc as well as directors and management of Oando Energy Resources, led by Messrs Wale Tinubu and Omamofe Boyo, Group Chief Executive Officer and Deputy Chief Executive Officer, respectively, last Wednesday rang the bell to open trading on the TSX to mark the formal listing of the company on the TSX.
Tinubu and Boyo received the commemoration plaque and certificate of listing from the Senior Vice President of the TSX, Mr. Ungad Chadda.
With the acquisition, OER issued 100,339,052 post-consolidated common shares to Oando, of which 75,254,289 post-consolidated common shares, representing 75 per cent of the post-consolidated common shares issued to Oando are in escrow.
Oando Energy Resources has subsequently obtained approval from the Toronto Stock Exchange to list its common shares and warrants on the TSX under the symbol OER.