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Title: |
Agreement and Plan of Reorganization |
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Date: |
2001 |
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$45 |
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#866882 |
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<SEQUENCE>2
<FILENAME>0002.txt
<DESCRIPTION>AGREEMENT & PLAN OF REORGANIZATION DATED 01/31/01
<TEXT>
AGREEMENT AND PLAN OF REORGANIZATION
DATED AS OF JANUARY 31, 2001
BY AND AMONG
SAN JOAQUIN RESOURCES INC.,
NAMPA OIL & GAS LTD.,
AND
PANNONIAN ENERGY, INC.
<PAGE>
<TABLE>
<CAPTION>
TABLE OF CONTENTS
<S> <C>
ARTICLE I.........................................................................................................2
THE MERGER........................................................................................................2
1.1 THE MERGER.................................................................................................2
(A) THE PARTIES..............................................................................................2
(B) BYLAWS OF SURVIVING CORPORATION..........................................................................3
1.2 DIRECTORS AND OFFICERS OF THE SURVIVING CORPORATION........................................................3
1.3 SUBSEQUENT ACTIONS.........................................................................................3
ARTICLE II........................................................................................................4
CONVERSION OF SECURITIES..........................................................................................4
2.1 CONVERSION OF COMMON STOCK OF MERGING ENTITIES.............................................................4
(A) CONVERSION OF PANNONIAN COMMON STOCK.....................................................................4
(B) EFFECT ON PANNONIAN STOCK................................................................................4
(C) SAN JOAQUIN STOCK........................................................................................5
2.2 THE MERGING COMPANIES......................................................................................5
(A) ACQCORP COMMON STOCK.....................................................................................5
(B) PANNONIAN COMMON STOCK...................................................................................5
2.3 WARRANTS...................................................................................................5
(A) $1.00 WARRANTS...........................................................................................6
(B) $2.00 WARRANTS...........................................................................................6
2.4 DISSENTING SHARES..........................................................................................6
(A) RIGHTS OF DISSENTERS.....................................................................................6
(B) EFFECT OF DISSENT........................................................................................6
(C) NOTICE OF DISSENT........................................................................................6
2.5 EXCHANGE OF SHARES AND CERTIFICATES........................................................................7
(A) EXCHANGE AGENT...........................................................................................7
(B) EXCHANGE PROCEDURES; TRANSFER OF SHARES..................................................................7
(C) DISTRIBUTIONS WITH RESPECT TO UNEXCHANGED SHARES.........................................................8
(D) NO FURTHER OWNERSHIP RIGHTS IN PANNONIAN COMMON STOCK; NO TRANSFER FOLLOWING THE CLOSING DATE............8
(E) FRACTIONAL SHARES........................................................................................9
(F) NO LIABILITY.............................................................................................9
ARTICLE III......................................................................................................10
COVENANTS OF PANNONIAN...........................................................................................10
3.1 CONDUCT OF BUSINESS PENDING THE CLOSING...................................................................10
(A) CHANGE IN CAPITAL STOCK; ISSUANCE OF SHARES.............................................................10
(B) OPTIONS, WARRANTS, AND RIGHTS...........................................................................10
(C) DIVIDENDS...............................................................................................10
(D) PURCHASE OF SHARES......................................................................................11
(E) BENEFIT PLANS...........................................................................................11
(F) CONDUCT OF BUSINESS.....................................................................................11
(G) ACQUISITIONS AND MERGERS................................................................................11
-1-
<PAGE>
<S> <C>
(H) LIENS; INDEBTEDNESS; INCREASE IN COMPENSATION, ETC......................................................11
(I) AMENDMENTS TO CHARTER, ETC..............................................................................12
3.2 INVESTIGATION; ACCESS.....................................................................................12
3.3 REGULATORY APPROVALS......................................................................................12
3.4 INFORMATION FOR INFORMATION STATEMENT.....................................................................13
3.5 NOTIFICATION OF ACTIONS...................................................................................13
3.6 PROXIES...................................................................................................13
ARTICLE IV.......................................................................................................14
REPRESENTATIONS AND WARRANTIES OF PANNONIAN......................................................................14
4.1 ORGANIZATION, CONDUCT OF BUSINESS, ETC....................................................................14
4.2 CAPITALIZATION............................................................................................14
4.3 OPTIONS, SARS, WARRANTS, ETC..............................................................................15
4.4 AUTHORIZATION; VALIDITY OF AGREEMENT......................................................................15
4.5 PANNONIAN FINANCIAL STATEMENTS; NO UNDISCLOSED LIABILITIES................................................15
4.6 ENVIRONMENTAL MATTERS.....................................................................................16
(A) NO PRESENT PROBLEMS.....................................................................................17
(B) NO PAST PROBLEMS........................................................................................17
(C) NO NOTICE OF PROBLEMS...................................................................................17
(D) PERMITS COMPLIED WITH...................................................................................17
(E) NO STORAGE TANK OR HAZARDOUS SUBSTANCES.................................................................18
4.7 TITLE TO PROPERTIES.......................................................................................18
4.8 ABSENCE OF DEFAULTS.......................................................................................18
4.9 ABSENCE OF MATERIAL ADVERSE CHANGES.......................................................................19
4.10 ACTIONS, PROCEEDINGS AND INVESTIGATIONS..................................................................19
4.11 ABSENCE OF BROKERAGE COMMISSIONS, ETC....................................................................20
4.12 MATERIAL CONTRACTS.......................................................................................20
4.13 COMPLIANCE WITH LAWS; DOCUMENTATION......................................................................20
4.14 EMPLOYEE BENEFITS........................................................................................21
(A) DISCLOSURE OF PLANS.....................................................................................21
(B) NO AGREEMENTS...........................................................................................21
(C) DISCLOSURE OF DOCUMENTS.................................................................................21
(D) CONTRIBUTIONS MADE......................................................................................21
(E) OPERATION OF PLANS......................................................................................22
(F) NO ONGOING OBLIGATIONS..................................................................................22
(G) NO CLAIMS...............................................................................................22
(H) NO SEVERANCE PAY........................................................................................22
4.15 TAXES AND TAX RETURNS....................................................................................22
4.16 CONSENTS AND APPROVALS...................................................................................23
4.17 INSURANCE................................................................................................23
4.18 SECTION 280G.............................................................................................23
4.19 DISCLOSURE...............................................................................................23
ARTICLE V........................................................................................................24
COVENANTS, REPRESENTATIONS AND WARRANTIES OF SAN JOAQUIN AND ACQCORP.............................................24
5.1 ORGANIZATION, CONDUCT OF BUSINESS, ETC....................................................................24
5.2 AUTHORIZATION AND VALIDITY OF AGREEMENT...................................................................25
-2-
<PAGE>
<S> <C>
5.3 SAN JOAQUIN REPORTS.......................................................................................25
5.4 SAN JOAQUIN FINANCIAL STATEMENTS; TAX RETURNS.............................................................25
5.5 ABSENCE OF MATERIAL ADVERSE CHANGES.......................................................................26
5.6 ENVIRONMENTAL MATTERS.....................................................................................26
(A) NO PRESENT PROBLEMS.....................................................................................27
(B) NO PAST PROBLEMS........................................................................................27
(C) NO NOTICE OF PROBLEMS...................................................................................27
(D) PERMITS COMPLIED WITH...................................................................................28
(E) NO STORAGE TANK AND HAZARDOUS SUBSTANCES................................................................28
(F) NO RECLAMATION WORK.....................................................................................28
5.7 TITLE TO PROPERTIES.......................................................................................28
5.8 ABSENCE OF DEFAULTS UNDER AGREEMENTS......................................................................29
5.9 ACTIONS, PROCEEDINGS, AND INVESTIGATIONS..................................................................29
5.10 REGULATORY APPROVALS.....................................................................................29
5.11 SAN JOAQUIN COMMON STOCK; OPTIONS; WARRANTS..............................................................30
5.12 REGISTRATION OF SHARES...................................................................................30
5.13 NOTIFICATION OF ACTIONS..................................................................................31
5.14 NASDAQ LISTING...........................................................................................31
5.15 INDEMNIFICATION..........................................................................................31
5.16 LIMITATIONS ON SAN JOAQUIN'S CONDUCT PRIOR TO THE EFFECTIVE TIME.........................................32
5.17 ACCESS TO INFORMATION....................................................................................32
5.18 BOARD POSITIONS AND EXECUTIVE OFFICER ELECTIONS..........................................................33
5.19 CONFIDENTIALITY..........................................................................................33
ARTICLE VI.......................................................................................................33
INFORMATION STATEMENT; SHAREHOLDER MEETINGS......................................................................34
6.1 INFORMATION STATEMENT.....................................................................................34
6.2 PANNONIAN SHAREHOLDERS MEETING............................................................................34
6.3 ACQCORP ACTION BY UNANIMOUS WRITTEN CONSENT...............................................................34
ARTICLE VII......................................................................................................35
CONDITIONS OF CLOSING............................................................................................35
7.1 CONDITIONS OF CLOSING FOR ALL PARTIES.....................................................................35
(A) NO INJUNCTION, ETC......................................................................................35
(B) TAX OPINIONS............................................................................................35
(C) SECTION 280G............................................................................................35
7.2 CONDITIONS OF CLOSING FOR SAN JOAQUIN AND ACQCORP.........................................................36
(A) SHAREHOLDER APPROVAL....................................................................................36
(B) PANNONIAN RESOLUTIONS; CORPORATE DOCUMENTS..............................................................36
(C) PANNONIAN REPRESENTATIONS AND WARRANTIES................................................................36
(D) OPINION OF PANNONIAN COUNSEL............................................................................37
(E) CONDITION OF PANNONIAN..................................................................................37
(F) EMPLOYMENT AGREEMENTS...................................................................................37
(G) WARRANTS................................................................................................37
(H) SPIN OFF OF NON RIVERBEND ASSETS IN PANNONIAN...........................................................37
(I) FINANCIAL STATEMENTS OF PANNONIAN.......................................................................38
(J) DISSENTING SHAREHOLDERS.................................................................................38
7.3 CONDITIONS OF CLOSING FOR PANNONIAN.......................................................................38
-3-
<PAGE>
(A) SAN JOAQUIN AND ACQCORP REPRESENTATIONS AND WARRANTIES..................................................38
(B) OPINION OF SAN JOAQUIN COUNSEL..........................................................................39
(C) SAN JOAQUIN RESOLUTIONS; CORPORATE DOCUMENTS............................................................39
(D) SHAREHOLDER APPROVAL....................................................................................39
(E) NAME CHANGE AND NASDAQ LISTING..........................................................................39
(F) CASH ON HAND............................................................................................40
ARTICLE VIII.....................................................................................................40
CLOSING OF MERGER................................................................................................40
8.1 CLOSING...................................................................................................40
8.2 FILING OF ARTICLES OF MERGER..............................................................................40
(A) PANNONIAN DUTY..........................................................................................40
(B) SAN JOAQUIN DUTY........................................................................................40
(C) EFFECTIVE TIME..........................................................................................41
ARTICLE IX.......................................................................................................41
TERMINATION......................................................................................................41
9.1 TERMINATION...............................................................................................41
(A) BY MUTUAL CONSENT.......................................................................................41
(B) BY PASSAGE OF TIME......................................................................................41
(C) MATERIAL MISREPRESENTATION BY SAN JOAQUIN...............................................................41
(D) MATERIAL MISREPRESENTATION BY PANNONIAN.................................................................42
(E) FAILURE OF SHAREHOLDER NOTE.............................................................................42
9.2 EFFECT OF TERMINATION.....................................................................................42
ARTICLE X........................................................................................................42
ADDITIONAL COVENANTS.............................................................................................42
10.1 EMPLOYEE MATTERS.........................................................................................42
10.2 COSTS....................................................................................................43
10.3 INSTRUMENTS OF TRANSFER, ETC.............................................................................43
10.4 NOTICES..................................................................................................43
10.5 AMENDMENTS...............................................................................................45
10.6 ENTIRE AGREEMENT.........................................................................................45
10.7 ASSIGNMENT...............................................................................................46
10.8 COUNTERPARTS.............................................................................................46
10.9 EXCLUSIVE MERGER AGREEMENT...............................................................................46
10.10 PUBLIC STATEMENTS.......................................................................................46
10.11 CONFIDENTIALITY.........................................................................................47
10.12 ALTERNATIVE STRUCTURE...................................................................................47
10.13 THIRD PARTIES...........................................................................................47
10.14 SEVERABILITY............................................................................................48
10.15 CAPTIONS................................................................................................48
10.16 DEFINITION OF MATERIAL ADVERSE EFFECT...................................................................48
</TABLE>
-4-
<PAGE>
AGREEMENT AND PLAN OF REORGANIZATION
This Agreement and Plan of Reorganization, dated as of the 31st day of
January, 2001 (this "AGREEMENT"), is made and entered into by and among SAN
JOAQUIN RESOURCESINC., a Nevada corporation ("SAN JOAQUIN"), NAMPA OIL & GAS,
LTD., a Nevada corporation ("ACQCORP"), and PANNONIAN ENERGY, INC., a Delaware
corporation ("PANNONIAN").
R E C I T A L S:
A. San Joaquin is a corporation duly organized and existing under the laws
of the State of Nevada, with its principal place of business located in Calgary,
Alberta, Canada. San Joaquin is authorized by its Articles of Incorporation, as
amended, to issue (i) 5,000,000 shares of preferred stock, each of $0.001 par
value ("SAN JOAQUIN PREFERRED STOCK"), none of which are issued and outstanding,
and (ii) 100,000,000 shares of common stock, each of $0.0001 par value ("SAN
JOAQUIN COMMON STOCK"), of which as of January 31, 2001, there were 11,788,930
shares issued and outstanding.
B. AcqCorp is a company incorporated under the laws of the State of
Nevada. AcqCorp is authorized by its Articles of Incorporation to issue 10,000
shares of common stock, each of One Dollar par value ("ACQCORP COMMON STOCK").
San Joaquin owns all of the issued and outstanding shares of AcqCorp Common
Stock.
C. Pannonian is a corporation duly organized and existing under the laws
of the State of Delaware, with its principal place of business located in
Denver, Colorado. Pannonian is authorized by its Certificate of Incorporation to
issue 20,000,000 shares of common stock, $.001 par value ("PANNONIAN COMMON
STOCK"), of which, as of January 30, 2001, there were (i) 7,925,000 shares
issued and outstanding, (ii) options outstanding for no shares as of such date
(the "OPTIONS") and (iii) warrants outstanding for 4,925,000 shares (the
"WARRANTS").
-1-
<PAGE>
D. The parties hereto desire that AcqCorp be merged with and into
Pannonian (the "MERGER") pursuant to this Agreement and the Articles of Merger
in the form attached hereto as Exhibit A (the "ARTICLES OF MERGER").
A G R E E M E N T:
NOW, THEREFORE, in consideration of foregoing and the respective
representations, warranties, covenants, agreements and conditions set forth
herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to
be legally bound hereby, covenant and agree as follows:
ARTICLE I
THE MERGER
1.1 THE MERGER.
(a) THE PARTIES. Pursuant to the laws of the States of Delaware
and Nevada, and subject to the terms and conditions of this Agreement, at the
effective time of the Articles of Merger (the "EFFECTIVE TIME"), Pannonian and
AcqCorp (sometimes referred to herein as the "MERGING ENTITIES") shall
consummate the Merger pursuant to which (a) AcqCorp shall be merged with and
into Pannonian, and the separate corporate existence of AcqCorp shall thereupon
cease; (b) Pannonian shall be the successor or surviving corporation in the
Merger and shall continue to be governed by the laws of the State of Delaware
(the "SURVIVING CORPORATION"); and (c) the separate corporate existence of
Pannonian with all its rights, privileges, immunities, powers and franchises
shall continue unaffected by the Merger, except as set forth in this Article I.
Pannonian, as the Surviving Corporation, shall thereupon and thereafter possess
all the rights, privileges, powers and franchises, of a public as well as a
private nature, and shall be subject to all restrictions, disabilities and
duties of the Merging Entities; and all property, real, personal and mixed and
all debts due to the Merging Entities on whatever account, including
subscriptions for shares and all other things in action or belonging to the
Merging Entities shall be taken and deemed to be vested in Pannonian without
further act or
-2-
<PAGE>
deed. Pannonian shall thenceforth be responsible for all the debts, liabilities
and duties of each of the Merging Entities and may be prosecuted to judgment as
if the Merger had not taken place, or Pannonian may be substituted in place of
the Merging Entities and neither the rights of creditors nor any liens upon any
property of either shall be impaired by the Merger.
(b) BYLAWS OF SURVIVING CORPORATION. As of the Effective Time, the
certificate of incorporation of Pannonian as in effect immediately prior to the
Merger shall be the certificate of incorporation of the Surviving Corporation
until thereafter amended as provided by law and such certificate of
incorporation. As of the Effective Time, the bylaws of Pannonian as in effect
immediately prior to the Effective Time shall be the bylaws of the Surviving
Corporation until thereafter amended as provided by law and such bylaws of the
Surviving Corporation.
1.2 DIRECTORS AND OFFICERS OF THE SURVIVING CORPORATION. The directors
and officers of Pannonian at the Effective Time shall serve in their respective
positions until their successors shall have been duly elected or appointed and
qualified or until their earlier death, resignation or removal in accordance
with the certificate of incorporation and the bylaws of Pannonian.
1.3 SUBSEQUENT ACTIONS. If, at any time after the Merger, Pannonian shall
consider or be advised that any deeds, bills of sale, assignments, assurances,
or any other actions or things are necessary or desirable to vest, perfect, or
confirm of record or otherwise in Pannonian its right, title, or interest in,
to, or under any of the rights, properties, or assets of AcqCorp acquired or to
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