CALGARY, AB–(Marketwired – January 18, 2016) – Canamax Energy Ltd. (“Canamax“) (TSX VENTURE: CAC) is pleased to announce that Canamax and 1936003 Alberta Ltd. (“AcquisitionCo“) and Edge Natural Resources LLC, have completed the previously disclosed business combination of Canamax and AcquisitionCo pursuant to a plan of arrangement under the Business Corporations Act (Alberta) (the “Arrangement“). Under the terms of the Arrangement, AcquisitionCo has acquired all of the issued and outstanding common shares (the “Canamax Shares“) of Canamax, other than Canamax Shares held by certain ongoing shareholders and the 32 Degrees Diversified Energy Fund II (US) LP (the “Non-Resident Fund“), at a price of $0.67 in cash for each Canamax Share. The Canamax Shares held by the ongoing shareholders were exchanged for common shares of AcquisitionCo. The Canamax Shares held by the Non-Resident Fund were exchanged for unsecured, non-interest bearing promissory notes of AcquisitionCo. AcquisitionCo also acquired all of the issued and outstanding warrants to purchase Canamax Shares (the “Canamax Warrants“) at a price of $0.001 in cash per Canamax Warrant. AcquisitionCo has also amalgamated with Canamax under the Arrangement and will continue to carry on business under the name “Canamax Energy Ltd.”
The Canamax Shares and the Canamax Warrants are expected to be delisted from the TSX Venture Exchange within the two or three business days following the completion of the Arrangement.
Letters of Transmittal have been forwarded to registered securityholders of Canamax to be utilized in order to exchange their Canamax Shares and/or Canamax Warrants for the cash consideration payable pursuant to the Arrangement. Additional copies may be obtained by contacting Canamax or Computershare Trust Company of Canada at its telephone numbers and locations set out in the Letter of Transmittal.
AcquisitionCo will file an early warning report on SEDAR at www.sedar.com with respect to the closing of the Arrangement, which will be available from the offices of Canamax at Suite 610, 324-8th Avenue S.W., Calgary, Alberta, T2P 2Z2.
Edge Natural Resources LLC is a Dallas-based private equity firm focused on small-cap investments in the North American energy industry. Edge is currently investing through ENR Partners LP, which has approximately US$445 million in investor commitments. See www.edgenr.com for further details.