Lancaster Resources, Inc. recently announced a spin-off agreement with its subsidiary, Lancaster Resources, LLC. The agreement will result in the spin-off of Lancaster Resources, LLC from Lancaster Resources, Inc. and will be effective as of the record date of April 30, 2021.
The spin-off agreement will allow Lancaster Resources, LLC to become an independent, publicly traded company. Lancaster Resources, LLC will be listed on the Nasdaq under the ticker symbol “LANC”. The spin-off is expected to be completed on or about May 14, 2021.
Lancaster Resources, Inc. is a diversified energy company that is focused on the exploration, development, and production of oil and natural gas. The company has operations in the United States, Canada, and Mexico. Lancaster Resources, LLC is a subsidiary of Lancaster Resources, Inc. and is focused on the exploration and development of oil and natural gas in the United States.
The spin-off agreement will allow Lancaster Resources, LLC to become an independent, publicly traded company. This will provide Lancaster Resources, LLC with access to capital markets and the ability to pursue its own growth strategy. The spin-off will also provide Lancaster Resources, Inc. with the opportunity to focus on its core business and to pursue its own growth strategy.
The spin-off agreement is subject to certain conditions, including the approval of the shareholders of Lancaster Resources, Inc. and the satisfaction of other customary closing conditions. The spin-off is expected to be completed on or about May 14, 2021.
Lancaster Resources, Inc. is committed to creating value for its shareholders and believes that the spin-off of Lancaster Resources, LLC will create value for both companies. The spin-off will provide Lancaster Resources, LLC with the opportunity to pursue its own growth strategy and will provide Lancaster Resources, Inc. with the opportunity to focus on its core business.