CALGARY, ALBERTA–(Marketwired – Sept. 8, 2016) – Alberta Oilsands Inc. (“AOS” or the “Corporation“) (TSX VENTURE:AOS) wishes to correct certain inaccurate statements made by Smoothwater Capital Corporation (“Smoothwater“) regarding the decision taken by the TSX Venture Exchange (“TSXV“).
Earlier today, Smoothwater issued a press release (the “Smoothwater Press Release“) stating that the TSXV has deferred its decision on the acceptance or denial of acceptance of the proposed plan of arrangement (the “Arrangement“) involving AOS and Marquee Energy Ltd. until after the annual and special meeting of shareholders of AOS, scheduled for November 15, 2016 (the “AGM“), and further stated that AOS cannot proceed with the proposed business combination until after the annual meeting to elect the directors of AOS and the satisfaction of all relevant conditions.
In fact, the TSXV has advised both Smoothwater and AOS that the TSXV has determined that it will not require the approval of AOS shareholders as a condition for final acceptance of the Arrangement. Smoothwater elected to obscure this fact in its press release.
Further, the TSXV has confirmed that in the event that the courts do not require an AOS shareholder vote on the Arrangement and the AGM is permitted to proceed, as scheduled, on November 15, 2016, then the TSXV intends to consider granting conditional acceptance of the Arrangement at the conclusion of such court proceedings.
A hearing before the Court of Queen’s Bench of Alberta is scheduled for September 13, 2016 to consider Smoothwater’s allegations. AOS is of the view that such allegations are unfounded and motivated only by Smoothwater’s self-interest in the pursuit of its short-term, opportunistic, capital dividend proposal. AOS reiterates that it believes that the proposed Arrangement will create value for AOS shareholders, and will provide AOS with an opportunity to emerge from a volatile commodity price environment as a well-funded growth vehicle focused on the sustainable development of a top tier oil resource play.
If AOS is successful at the pending court proceeding (including any appeal), AOS intends to seek the conditional approval of the TSXV at that time. If such conditional approval is obtained, AOS intends to close the Arrangement as scheduled on or about September 22, 2016.
ABOUT ALBERTA OILSANDS
Alberta Oilsands holds bitumen leases in the Athabasca oil sands region of northeast Alberta. The Corporation’s head office is located in Calgary, Alberta, Canada and its common shares are traded on the TSX Venture Exchange under the trading symbol “AOS”.