Teck closes SilverBirch Energy acquisition

By OGJ editors

Teck Resources Ltd., Vancouver, BC, has closed its acquisition of SiverBirch Energy Corp., Calgary, with which it has shared the proposed Frontier Oil Sands Mine Project about 100 km north of Fort McMurray (OGJ Online, Mar. 6, 2012).

Under the deal announced in January, SilverBirch shareholders received $8.50/share (Can.) in cash and shares of a new company, SilverWillow Energy Corp., which holds SiverBirch assets other than its 50% interest in the Frontier truck-and-shovel project, which includes an area called Equinox. Teck now owns 100% of the Frontier project.

SilverWillow properties include an in situ oil sands prospect called Audet and leases with oil sands exploratory potential in the Birch Mountains and other areas.

Teck’s net cash outlay is about $435 million.

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