CALGARY, ALBERTA–(Marketwired – April 15, 2016) – Anderson Energy Inc. (“Anderson” or the “Company”) (TSX:AXL) announces that the exchange transaction approved at a meeting of the holders of the Company’s 7.25% Series B convertible unsecured subordinated debentures held on April 1, 2016 (the “Exchange Transaction”) is expected to close immediately following the final approval from the Toronto Stock Exchange (the “TSX”). Pursuant to the Exchange Transaction, all of the Series B debentures ($46.0 million) and certain interest amounts ($1.67 million) will be exchanged for approximately 8.428 billion common shares of the Company issued from treasury. Closing is subject to certain conditions, including final approval from the TSX. There have been some administrative delays in obtaining this final approval and the Company expects to be able to close the Exchange Transaction in the next few weeks.
To ensure that the new shareholders created by the conversion of the Series B debentures will be registered as of the record date and entitled to vote at the meeting, the Company has decided to revise the timing of its annual and special meeting of shareholders. As previously discussed, the Company plans to propose a special resolution to approve a share consolidation at the shareholder meeting. A new meeting date will be announced as soon as practicable.