McMoRan Exploration (MMR) shares are rising today following its announcement of a special stockholder meeting on December 30 to vote on the issuance of common stock to Plains Exploration & Production Company (PXP) in exchange for McMoRanís acquisition of Plains Explorationís shallow water Gulf of Mexico shelf assets.
Shareholders will also vote on the issuance of convertible preferred stock to Freeport-McMoRan Copper & Gold (NYSE:FCX).
McMoRan Exploration announced its agreement to acquire the shallow water assets in September. It is issuing 51 million shares to Plains Exploration as well as paying $75 million in cash for the assets.
When the deal closes, McMoRan will also privately issue $900 million in equity-linked securities to fund future capital expenditures, the company said.
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