The TSX Venture Exchange has accepted for filing documentation to a purchase and sale agreement between the company, through its wholly owned subsidiary, Ikkuma Resources Corp. (the purchaser), and Shell Canada Energy, by its managing partner, Shell Canada Ltd. (the vendor). Pursuant to the terms of the agreement, the company will acquire mid-stream and upstream assets of the vendor located in the Southern Alberta foothills, including: upstream assets, which currently produce natural gas, natural gas liquids and condensate, and light oil; and mid-stream assets, comprising three deep-cut, sour gas processing plants located at Jumping Pound, Caroline and Waterton; a 14-per-cent working interest in the Schantz sulphur forming plant; and approximately 1,700 kilometres of pipelines. The purchase price for the acquisition will be satisfied through: (i) the payment of $175-million in cash (net of adjustments); and (ii) the issuance of $15-million common shares of the company using the weighted average closing price of such common shares determined at the close of trading on each of the first ten (10) trading days ending prior to the day the interim accounting carried out by the parties for closing is due.
Insider/pro group participation: none
For further information, please refer to the company's news release dated June 26, 2019.
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