ADVN has now become a wholly owned subsidiary of JMG, the company said adding that JMG's CEO, president and CFO Justin Yorke has resigned from these roles and the executive officers of ADVN became JMG's new executive officers.
Accordingly, JMG issued 169,973.98 newly authorised class M preferred stock to the stockholders of ADVN, each of which will automatically convert into one hundred shares of JMG common stock or an aggregate of 16,997,398 shares; JMG agreed to dispose of or spin-off its oil and gas operations; its name will change to Ad-Vantage Networks Holding Inc; and a registration statement regarding some common stock issuable upon the conversion of the shares of class M preferred, will be filed.
Also, the prior JMG stockholders' group own about 13.8% of the issued and outstanding post-merger JMG shares and the prior ADVN stockholders group own the balance about 86.2%, before giving effect to any outstanding options, warrants and other issuances.
3 September 2012 - JMG Exploration Inc (OTCBB: JMGE) announced the acquisition of Ad-Vantage Networks Inc (ADVN), a California-based company specialising in digital advertising technology and services.
The merger of ADVN with JMGa[euro](tm)s wholly owned subsidiary has also triggered changes in leadership.