LONDON, Ont. – Torque Energy Inc. (TSXV:TQE) says shareholders have approved a merger with a subsidiary of Dundee Energy Ltd. (TSX:DEN).
Torque said Friday the merger received 94 per cent approval, and the company will become a wholly owned subsidiary of Dundee.
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Torque shareholders were allowed to choose whether to receive 50 cents for each Torque share, or one common share in Dundee for every two Torque shares.
Torque shares are now halted on the TSX Venture Exchange and will be delisted once the merger is complete in early August.
Dundee Energy runs oil and natural gas operations in Ontario and has underground storage operations off the coast of Spain.
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