BRIEF-KLR Energy, Tema Oil and Gas co to combine to form Rosehill Resources
Pubdate：2016-12-21 10:08
Source：liyanping
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Dec 20 (Reuters) - KLR Energy Acquisition Corp (KLREU.O) :
* KLR Energy Acquisition Corp - in connection deal, certain institutional investors will purchase $75 million of Rosehill Resources series a preferred stock
* KLR Energy is expected to retain a significant equity stake in rosehill resources
* KLR will have two representatives on Rosehill Resources' board of directors
* Transaction was unanimously approved by respective boards of directors of companies
* KLR Energy Acquisition Corp - Rosehill resources expects to have $117 million of projected liquidity to fund its development plan
* KLR Energy Acquisition-addition Rosemore, Inc and KLR energy's sponsor agreed to purchase up to $20 million of series a preferred stock or class a stock
* KLR Energy Acquisition-proceeds of private placements, backstop by Rosemore, KLR Energy's sponsor to fund cash consideration to effect business combination
* KLR Energy Acquisition Corp - proceeds of private placement will be used to fund cash portion of consideration required to effect deal
* Tema's management team will run Rosehill Resources post-transaction
* J. A. Townsend, president of Tema, will serve as chief executive officer of Rosehill Resources
* Press release - KLR Energy Acquisition Corp and Tema Oil And Gas Company to combine to form Rosehill Resources, a pure-play Delaware basin company
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