CHINA TOPIX

'Christmas Miracle' Chinese Investors Release $770 Million to Long Run Exploration Ltd.

Ryan General   |

Dec 24, 2015 09:55 AM EST

Long Run Exploration Ltd. has found a buyer for all of its oil and gas possesion in Northern Alberta. Chinese investors agreed to pay $770 million for everything. The investors are set to pay a 215 per cent premium on the company's share price of 16 cents, with a cash consideration of $100 million and also assumed debt total consideration of $770 million.