CALGARY, June 22, 2016 /CNW/ – Mosaic Energy Ltd. (the “Company” or “Mosaic”) is a privately owned company incorporated under the law of the Province of Alberta and Canada Business Corporation Act. The Company is focused on the exploration for and the development, production and acquisition of, petroleum and natural gas reserves, and is primarily focused on multi-zone horizons in the Deep Basin of the Western Canadian Sedimentary Basin.
An Order from the Court of Queen’s Bench of Alberta (the “Court”) approving a Sale and Investment Solicitation Process (“SISP”) has been made on June 21, 2016. The SISP procedures are attached as Appendix “B” to the first report of the Receiver dated June 18, 2016. The implementation of the SISP is intent to maximize the value of the Company’s property, assets and undertakings (the “Properties”) for the benefit of Mosaic’s broader stakeholder group. The SISP may result in, but is not limited to, the sale of all or a portion of the Company or its Properties.
Ernst & Young Inc. was previously appointed by the Court as Receiver (“the Receiver”) of Mosaic. RBC Dominion Securities Inc., a member company of RBC Capital Markets (“RBC”), has been retained by the Receiver and approved by the Court to act as exclusive selling agent with regard to the SISP.
In order to participate in the SISP, an interested party must deliver to RBC an executed confidentiality agreement (“CA”), in form and substance satisfactory to the Receiver. Upon execution of the CA, RBC shall provide such party with access to the electronic data room containing confidential information concerning Mosaic, its business and property, along with a management presentation, together with such further information as the Receiver and RBC deem appropriate.
A bidder, if it wishes to submit a bid, will deliver written copies of a final, non-binding letter of intent to RBC at the address specified in the SISP so as to be received not later than 12:00 p.m. (Mountain Time) on August 17, 2016, or such other date or time as may be agreed by the Receiver.
Further details with regard to the SISP are available on each of RBC’s web-site (www.rbcrundle.com) or on the above referenced Monitor’s web-site.
All of the materials filed with or Orders of the Court, including the Receivership Order are available on the Receiver’s website (www.ey.com/ca/Mosaic). The Company’s operations are continuing uninterrupted during the receivership.
SOURCE EY (Ernst & Young)
