88 Energy Ltd (LON:88E) told investors its offer for XCD Energy has now reached a level that guarantees it will reach the minimum threshold required for compulsory acquisition.
The AIM-quoted Alaska focussed exploration firm said that as a result the offer period will not be extended beyond July 13, at 7:00pm (Sydney).
READ: 88 Energy agrees takeover of XCD Energy
“Those that wish to benefit from the 7 day accelerated payment terms should accept into the offer immediately or risk a delay of up to approximately 50 days to receive the consideration shares under the compulsory acquisition timetable,” 88 Energy said in a statement.
In May, 88 Energy said the combination with XCD creates an explorer with a diversified portfolio on Alaska’s North Slope, with three distinct key areas: Project Icewine, Project Peregrine, and the Yukon licences.
It will have improved scale, market presence and funding capability, and share liquidity, according to the company.