23 Oct 2006business combination● NeutralMajor
Alton Ventures, Inc. (the company, later renamed Arkanova Energy Corp.) agreed on October 20, 2006 to merge with a private Delaware company, Arkanova Energy, Inc., whose shareholders would receive 13,000,000 post-split shares. Arkanova held leases for a 100% working interest in about 19,000 gross acres in the Fayetteville Shale trend in Phillips and Monroe Counties, Arkansas, with commitments to acquire 31,000 more acres and an option on 15,000 acres in Deshea County. Closing depended on conditions including a name change, a 2-for-1 stock split, the president returning 5,000,000 shares for cancellation, and a private placement of at least US$5,000,000; the filing says there is no assurance it will close.