Vancouver oil and gas firm NRG Investments Inc. (CNQ:NRGI) plans to acquire Gemini Energy Corp. (TSX:GNI) in a merger worth an estimated $98.4 million.
The deal gives NRG ownership of Gemini's three oil and gas prospects located in Wyoming's Green River basin.
Gemini shareholders can either receive $4 in cash for each Gemini share or acquire one common share of NRG. The deal is contingent upon Gemini selling 12 million shares of Exxel Energy Corp. to Q Investments Ltd. for $15 million.
Gemini shareholders are scheduled to vote on the deal on October 2.
The company had been struggling in the past year with declining revenue and rising net losses.
Gemini's share price range during the past week: between $3.65 and $3.70.