CALGARY, Alberta, Oct. 13, 2017 (GLOBE NEWSWIRE) — RMP Energy Inc. (“RMP” or the “Company“) (TSX:RMP) is pleased to announce that the holders of common shares of the Company (the “Shareholders“) approved today by an overwhelming majority (over 99 percent) the previously-announced transformational asset disposition (the “Transaction“) pursuant to which the Company will dispose of all of its crude oil and natural gas interests in the Waskahigan/Grizzly, Kabob, Gilby and Pine Creek areas of West Central Alberta, in addition to other minor Alberta properties (collectively, the “Disposition Assets“) for total consideration of $80.0 million, subject to customary closing adjustments. The Company will retain its crude oil and natural gas assets and associated interests in its core Elmworth area of operations. The Transaction is expected to close on or about October 17, 2017.
Shareholders also approved today the proposed name change of the Company to “Iron Bridge Resources Inc.“. The corporate name change is expected to become effective as soon as practicable upon filing of articles of amendment, in the prescribed form, with the Registrar under the Business Corporations Act (Alberta). The ticker symbol “IBR” has been reserved by the Toronto Stock Exchange for the Company’s use following the name change becoming effective. No action is required by Shareholders with respect to the name change. Each existing share certificate reflecting the former name will continue to be a valid share certificate of the Company until such certificate is transferred, re-registered or otherwise exchanged through the Company’s transfer agent.