NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS IN THAT JURISDICTION.
CALGARY, Alberta, Dec. 12, 2017 (GLOBE NEWSWIRE) -- A bidder group (collectively, the "Offeror") represented by Donald Staus, the President, CEO and a director of Carrick Petroleum Inc. ("Carrick" or the "Company") announces that the offer to acquire all of the issued and to be issued common shares ("Common Shares") of Carrick not currently owned by the Offeror for $0.03 per Common Share (the "Offer"), as extended on November 30, 2017 for the mandatory extension period, expired at 5:00 p.m. on December 11, 2017.
Since the Offeror's initial take up of 14,368,736 Common Shares on November 30, 2017, Computershare Investor Services Inc. has reported that as at 5:00 p.m. (Calgary time) on December 11, 2017, the expiry of the mandatory extension period of the Offer, an additional 322,413 Common Shares (the "Additional Common Shares") were validly deposited under the Offer and not withdrawn. The Offeror will take up and accept for payment all Additional Common Shares validly deposited in accordance with applicable securities laws. If Common Shares were tendered through brokers or financial intermediaries, holders of such Common Shares will receive payment for their shares through their broker or financial intermediary.
Immediately prior to the Offer, the Offeror owned 5,344,804 Common Shares, representing, on a non-diluted basis, approximately 17% of the issued and outstanding Common Shares. With the take up and payment of the Common Shares on November 30, 2017 and the Additional Common Shares, the Offeror now owns and controls 20,035,953 Common Shares representing, on a non-diluted basis, approximately 63% of the issued and outstanding Common Shares. As described in the Offer and Circular (as amended), the Offeror is under no obligation to carry out a compulsory acquisition or subsequent acquisition transaction to acquire any Common Shares that were not validly deposited under the Offer prior to 5:00 p.m. (Calgary time) on December 11, 2017 and Carrick shareholders who have not deposited their Common Shares pursuant to the Offer prior to such time will continue to hold their Common Shares. As a result of the Offer, the Offeror and its affiliates currently hold more than 50% of the issued and outstanding Common Shares which will limit the ability of Carrick shareholders, subject to the provisions of applicable Canadian securities laws, to control the actions of Carrick.
This announcement is for information purposes only.
Caution Concerning Forward-Looking Statements
Certain statements made in this news release are forward-looking statements, including, but not limited to, statements relating to the timing of payment for Common Shares deposited to the Offer. Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements. As a result, the Offeror and Carrick cannot guarantee that any forward-looking statement will materialize and caution readers against relying on any of these forward-looking statements. The forward-looking statements contained in this news release describe the Offeror's expectations as of December 12, 2017 and, accordingly, are subject to change after such date. Except as may be required by applicable Canadian securities laws, neither the Offeror nor Carrick undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise. For additional information on assumptions and risks underlying certain of the forward-looking statements made in this news release, please consult the notice of variation and extension which is available for review on Carrick's profile on the SEDAR website at www.sedar.com.