Crew Energy's Transition to Tourmaline Oil: What You Need to Know
Crew Energy Inc. Completes Acquisition by Tourmaline Oil Corp
Crew Energy Inc. (TSX: CR; OTCQB: CWEGF), recognized for its significant contributions to the energy sector, has recently finalized an acquisition by Tourmaline Oil Corp. This strategic move marks a pivotal moment in the company's evolution and reflects a commitment to delivering enhanced value for its stakeholders.
Details of the Acquisition Arrangement
The acquisition, executed under a plan of arrangement, stipulates that each holder of Crew Shares will receive 0.114802 of a common share from Tourmaline for every Crew Share they possess. This exchange not only signifies a merging of resources but also promises potential growth for both companies.
Implications for Crew Shareholders
As part of the transition, holders of Crew Shares must follow specific procedures to secure the consideration due to them under the arrangement. Registered Crew Shareholders are required to submit their share certificates or direct registration statements to Odyssey Trust Company, ensuring they complete all necessary documentation.
What's Next After the Exchange?
It is expected that Crew Shares will be delisted from trading on the Toronto Stock Exchange shortly after the acquisition's completion. This step indicates a significant change for the company, and Crew Shareholders should stay informed to understand their new standing as shareholders of Tourmaline Oil.
How Tourmaline Oil Corp. Stands Out
Tourmaline Oil Corp. has established itself as the largest natural gas producer in Canada, committed to providing the lowest-cost natural gas in North America. With a robust operational framework, Tourmaline showcases its excellence through its extensive reserve base and a strong focus on sustainable growth.
Financial Performance and Future Prospects
The company is celebrated for its predictable financial performance, which stems from development activities within its core regions in the Western Canadian Sedimentary Basin. Leveraging decades of inventory and a relentless execution strategy, Tourmaline seeks to deliver substantial returns on capital for its shareholders.
Environmental Commitment
Tourmaline prides itself on its commitment to environmental stewardship, striving to implement best practices in energy production. This dedication is evident in their operations, ensuring that they maintain industry-leading performance while minimizing their ecological footprint.
Transitioning for Shareholders
For Crew Shareholders, understanding the next steps post-acquisition is crucial. They are encouraged to liaise with the Depositary, Odyssey Trust Company, for any inquiries or assistance regarding their transition to Tourmaline shares. Shareholders can reach out via phone or through provided email channels, ensuring they stay updated with any developments.
Frequently Asked Questions
What is the ratio of Crew Shares to Tourmaline Shares?
Holders of Crew Shares will receive 0.114802 of a common share of Tourmaline for each Crew Share they own.
What will happen to my Crew Shares?
Crew Shares will be delisted from the Toronto Stock Exchange shortly after the acquisition. Shareholders must deposit their share documents with Odyssey Trust Company.
Who should I contact for more information?
Shareholders can contact Odyssey Trust Company at 1-888-290-1175 (Toll-Free) for assistance and queries.
Are there any fractional shares from the conversion?
No fractional Tourmaline Shares will be issued; instead, holders will receive the nearest whole number of shares.
What are the benefits of the acquisition for shareholders?
This acquisition aims to enhance shareholder value through the combined strengths of Crew Energy and Tourmaline Oil’s operational excellence.
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