Kazakhstan’s Caspi Oil Gas plans to go public through a merger with SPAC Liberty Resources Acquisition Corp. ( NASDAQ: LIBY ) that pegs the enterprise value of the combined company at $428M.
The companies said the deal would result in the combined entity having a pro forma market capitalization of around $452M, assuming no redemptions by Liberty shareholders. The deal also calls for the combined company to declare a dividend of at least $0.50 per outstanding share upon closing.
Caspi and Liberty plan to execute the combination agreement by Sept. 15, the ending date for the exclusivity period stipulated under their acquisition letter. The deadline could be extended by mutual agreement to allow for more time for conditions of its combination agreement to be met.
Caspi is a unit of Markmore Energy. It is the owner of development rights to the Rakushechnoye oil field in West Kazakhstan.
Liberty held its initial public offering in November, raising $100M.
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Kazakhstan's Caspi Oil Gas to go public through merger with SPAC Liberty Resources