04:00 PM EST - Destiny Resource Services Corp. : signed an agreement and Plan of Merger with Logan Oil Tools Inc., whereby Destiny will be merged with and into Logan. Logan and its management team will lead a new publicly listed international growth-oriented oilfield manufacturing company. The board of directors will be reconstituted and Logan will take on Destiny's current listing on the Toronto Stock Exchange. Under the terms of the Agreement, each Logan share will be exchanged for 4.2 Destiny Common Shares. Upon completion of the Transaction, the shareholders of Logan will own approximately 83% of the outstanding common shares of "Mergeco" and the current shareholders of Destiny will own approximately 17%. The boards of directors of each of Destiny and Logan have unanimously approved the Agreement. Destiny Resource Services Corp.
shares T.DSC are trading up $2.05 at $4.00.
