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Blue Horizon Energy strikes deal with MLB Industries

A Red Deer-based company has struck a deal to combine its operations with a publicly traded Lethbridge company.

A Red Deer-based company has struck a deal to combine its operations with a publicly traded Lethbridge company.

Blue Horizon Energy Inc. announced on Thursday that it has entered into an arrangement agreement with MLB Industries Inc. (CNSX:BMP), under which MLB will acquire all of Blue Horizon’s shares and its name will be changed to Blue Horizon Industries Inc. Blue Horizon shareholders will ultimately own 95 per cent of the combined equity.

The arrangement still requires approval from MLB shares and Blue Horizon shareholders, and is subject to regulatory approvals.

Blue Horizon is a private company that operates Blue Horizon Contracting and Blue Horizon Energy divisions, and owns Blue Horizon Bio-Diesel Inc. and 74 per cent of Blue Horizon Mining Inc. Blue Horizon Energy owns oilsands leases at Normandville in Northern Alberta, and is the operator of a test well. It and industry partners are preparing to drill two additional vertical wells on oilsands leases. Blue Horizon Mining is exploring for copper and gold in British Columbia, with Blue Horizon Contracting and Blue Horizon Bio-Diesel also active.

MLB is a holding corporation looking at strategic alternatives. It previously provided management services.