Chelsea Completes Acquisition of ITME Shares
Chelsea Oil and Gas (OTC: AUCAF) and International TME Resources Inc. (OTC: ITME) are pleased to announce the closing on October 1, 2013, of the previously announced Plan of Arrangement (the "Arrangement") whereby Chelsea acquired all of the issued and outstanding common shares of ITME. In connection with the closing of the Arrangement, the Company changed its name to Chelsea Oil and Gas Ltd., and reconstituted its board and executive management team. The Company is pleased that more than 99% of the shareholders of both companies who voted at the special shareholder meetings voted in favour of the transaction.
Under the terms of the Arrangement, ITME shareholders received 0.5431 of a common share of the combined entity in exchange for one (1) ITME common share. Chelsea issued a total of 13,976,542 common shares to former ITME shareholders and has 64,005,607 common shares issued and outstanding. Chelsea will trade on the OTCBB with a new ticker symbol that will be assigned later this week.
Concurrent with the Arrangement, Chelsea reconstituted its board of directors and executive management team. Chelsea will be based