Renegade Petroleum Ltd. has been rescued. Its saviour, however, has seen better days. It’s a small deal involving companies on Canada’s junior exchange, but there’s big players involved.
The small energy company agreed to a merge with Alexander Energy Ltd., in a deal that looks much like a takeover. Each Renegade share will be swapped for 2.25 shares of Alexander, according to an announcement released Tuesday. Based on Alexander’s five-day weighted average trading price, each Renegade share is worth the equivalent of $1.55. Renegade closed at $1 Monday.