CALGARY, Alberta, July 06, 2017 (GLOBE NEWSWIRE) -- Critical Control Energy Services Corp. (“Critical Control” or the “Corporation”) (TSX: CCZ ) announces that it has completed the proposed plan of arrangement approved by the shareholders of the Corporation (the “Plan of Arrangement”) at the Corporation’s annual and special meeting held in Calgary on June 29, 2017 (the “Meeting”) after obtaining final approval from the Court of Queen’s Bench of Alberta (the “Final Order”).
Prior to the completion of the Plan of Arrangement, there were 58,662,892 common shares of the Corporation outstanding. Subsequent to the completion of the proposed Plan of Arrangement, there are 43,934,032 common shares outstanding after 67,667 common shares held by odd lot shareholders were redeemed for $0.155 each in cash and 14,661,193 shares were exchanged for a total of 1,136,245 preferred shares.
The Corporation has also closed the private placement of preferred shares announced by the Corporation on May 11, 2017 and June 29, 2017 (the “Private Placement”). Pursuant to the Private Placement, an additional 1,013,000 preferred shares will be issued for gross proceeds of $2,026,000. The directors of the Corporation participated in the Private Placement and subscribed for 375,500 preferred shares for gross proceeds of $751,000.
Anyone trading in the shares of the Corporation is warned that any common shares acquired before the share exchange under the Plan of Arrangement is reflected in the trading of the common shares, a notice for which will be issued, are subject to an automatic exchange of the common shares acquired into preferred shares of the Corporation pursuant to the Plan of Arrangement.
Risk Factors Relating to Listing of the Preferred Shares
The Corporation has received conditional approval to list the preferred shares that were issued pursuant to the Plan of Arrangement and the Private Placement on the TSX, subject to the Corporation furnishing certain documentation evidencing that the preferred shares meet the minimum listing requirements of the TSX.
In the event the Corporation is unable to meet the minimum listing requirements of the TSX, or in the alternative, obtain a listing for the preferred shares on the TSX Venture Exchange or the Canadian Securities Exchange, within 120 days of the Final Order, the exchange of common shares for preferred shares under the Plan of Arrangement shall be reversed in accordance with the terms of the Final Order.
About Critical Control Critical Control provides solutions for the collection, control and analysis of measurement and operational data related to oil and gas wells across North America. We provide services to capture the data, cloud-based software to visualize and manage it, and the business intelligence to make quicker and more informed operational decisions.
For further information Alykhan Mamdani President & CEO Tel (403) 705-7500
