Africa Oil Corp (TSX:AOI) announced that its shareholders have overwhelmingly approved the resolution to consolidate 100% ownership of Prime Oil & Gas Coöperatief U.A. (Prime) in Africa Oil.
During a special meeting held of shareholders in Vancouver, 99.61% of the 175 million shares voted were in favor of the amalgamation.
Shareholders approved the issuance of shares to BTG Pactual Oil & Gas S.à r.l in connection with the amalgamation of its subsidiary, Africa Oil Papa Corp and BTG Pactual.
The completion of the deal is subject to several conditions, including regulatory approvals in Nigeria, consent from the Toronto Stock Exchange and Nasdaq Stockholm, and a reorganization of BTG Pactual's holding structure.
Africa Oil is a Canadian oil and gas company with assets in deepwater Nigeria and an exploration portfolio across West and Southern Africa.