Lion Energy Corp said fellow Canadian oil and gas explorer and partner Africa Oil Corp intends to buy it for about C$40.3 million in an all-stock deal to expand their operations in east Africa. Lion Energy, which focuses on oil and gas in east and central Africa, said each of its share will be exchanged for 0.2 shares of Africa Oil. The offer of 40.2 Canadian cents represents a 28 percent premium to Lion Energy's Monday closing price. Lion Energy has 100.1 million shares, including options and warrants.
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