Oando Plc on Toronto Stock Exchange (TSX)
Oando Plc has completed its reverse takeover (RTO) of Oando Energy Resources Inc. (OER), previously known as Exile Resources Inc., with the listing of the company’s shares on Toronto Stock Exchange (TSX).
The Oando Group has thus become the only company in Nigeria with three equity market presence the Nigerian Stock Exchange (NSE); the Johannesburg Stock Exchange and the Toronto Stock Exchange).
The executives of Oando Plc as well as Directors and Management of Oando Energy Resources, led by Wale Tinubu and Omamofe Boyo, last Wednesday rang the bell to open trading on the TSX to mark the formal listing of the company on the TSX.
Thereafter, Tinubu and Boyo received the ‘Commemorating Plaque’ and ‘Certificate of Listing’ from Mr. Ungad Chadda, Senior Vice President of the Toronto Stock Exchange.
As consideration for the Acquisition, OER issued 100,339,052 post-Consolidated Common Shares to Oando, of which 75,254,289 post-Consolidated Common Shares (representing 75% of the post-Consolidated Common Shares issued to Oando) are in escrow.
Oando Energy Resources has subsequently obtained approval from the Toronto Stock Exchange to list its common shares and Warrants on the TSX under the symbol “OER”. The common shares of OER will be delisted on the TSX Venture Exchange (TSX-V symbol: ERI) prior to the commencement of trading of those shares on the TSX.