The Transaction is expected to close on or before
The Common Shares are currently suspended from trading on the TSXV and, in connection with the reorganization of the Corporation under the BIA as a result of the Transaction (including the Corporation’s application to cease to be a reporting issuer), the TSXV will proceed to delist the Common Shares due to the Corporation's failure to maintain the Exchange Requirements of the TSXV. It is expected that the delisting will be effective at the close of trading on
As part of the Transaction, each outstanding Common Share will be transferred to a newly incorporated entity (“ResidualCo”) and cancelled in exchange for one common share of ResidualCo and Badger will be issued 1,000 Common Shares, such that Badger will become the sole shareholder of Athabasca and the former Athabasca shareholders will own all of the shares of ResidualCo in the same proportion to their prior shareholdings of Athabasca, all as more particularly set forth in the Agreement. The purchase price pursuant to the Transaction is approximately CAD
In connection with the Transaction, the Corporation is applying to the applicable Canadian securities regulatory authorities to cease to be a reporting issuer in each Canadian jurisdiction in which it is a reporting issuer and expects to cease being a reporting issuer promptly following the closing of the Transaction.
About
Athabasca is an integrated industrial minerals company focused on the production and delivery of frac sand to
For further information, please contact:
Tel: 587-392-5862 / Email: cheryl.grue@athabascaminerals.com
Neither the
FORWARD-LOOKING STATEMENTS
This news release contains certain statements or disclosures relating to Athabasca that are based on the expectations of its management as well as assumptions made by and information currently available to Athabasca which may constitute forward-looking statements or information (“forward-looking statements”) under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results, or developments that Athabasca anticipates or expects may, or will occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by the use of the words “may”, “expects”, “intends”, “will”, and similar expressions. In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to the following: the expected closing of the Transaction, including the timing thereof; the anticipated delisting of the Common Shares from the TSXV and the concurrent delisting of the Common Shares from the OTC Pink Market; and the anticipated approval of the application by Athabasca to cease to be a reporting in each Canadian jurisdiction in which it is a reporting issuer; and matters related to ResidualCo, including but not limited to, the pro-rata ownership of ResidualCo shares and potential disbursements to shareholders of ResidualCo and the timing thereof.
The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of Athabasca including, without limitation: that
Athabasca believes the material factors, expectations, and assumptions reflected in the forward-looking statements are reasonable at this time, but no assurance can be given that these factors, expectations, and assumptions will prove to be correct. The forward-looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements including, without limitation: an inability of the parties to satisfy, in a timely manner, the conditions to the closing of the Transaction; that Athabasca’s application to cease to be a reporting issuer may not be approved; that
The forward-looking statements contained in this news release are made as of the date hereof and Athabasca undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless so required by applicable securities laws.
Source:
2024 GlobeNewswire, Inc., source