Shares of Ember Resources Inc rose nearly 23 percent on Wednesday, a day after the Canadian oil and gas explorer agreed to be bought by an investor group led by Brookfield Special Situations Group for C$125 million. Under the terms of the deal, signed between Ember and ERI Acquisition Ltd, Ember's stockholders will get 50 Canadian cents a share, or a premium of 20.5 percent over the stock's Tuesday close. As part of the deal, Ember has agreed not to solicit or initiate any discussions on other acquisition offers. It has also agreed to pay a termination fee of C$6.5 million in "certain circumstances." The consortium, which also included funds part of the ARC Financial Corp and Ember's executives, has agreed to take on C$88 million of Ember's debt as part of the deal.
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