CALGARY, March 13, 2018 /CNW/ – Marquee Energy Ltd. (“Marquee” or the “Company”) (TSXV: “MQX”) announces commencement of a review of strategic alternatives to enhance shareholder value.
Marquee’s Board of Directors has determined it is timely, prudent and in the best interests of the Company and its stakeholders to commence a formal process to explore strategic alternatives. Such strategic alternatives may include, but are not limited to, a corporate sale, merger or other business combination, a sale of all or a portion of Marquee’s assets, a royalty, a joint venture, strategic investment or other significant transaction. The Company believes that the current trading price of its common shares does not reflect the value of Marquee.
The Company has engaged GMP Securities L.P. (“GMP FirstEnergy”) as financial advisor to advise the Company in connection with this broad and comprehensive review and analysis of strategic alternatives.
Marquee has not set a definitive schedule to complete its identification, examination and consideration of strategic alternatives. The review process has not been initiated as a result of receiving any transaction proposal. Given the nature of the process, the Company does not intend to provide updates with respect to the process until such time as the Board of Directors approves a definitive transaction or strategic alternative, or otherwise determines that further disclosure is advisable. The Company cautions that there are no guarantees that the review of strategic alternatives will result in a transaction or if a transaction is undertaken, as to its terms or timing.
The Company will continue to operate under its base business plan which has been designed to preserve the value and optionality of the assets, manage financial capacity and maintain cost discipline while sustaining the Company’s efforts to evaluate and pursue strategic alternatives.
Marquee is a Calgary-based, junior energy Company focused on light oil development and production in the Michichi area of eastern Alberta. Marquee’s shares trade on the TSX Venture Exchange under the trading symbol “MQX”. Additional information about Marquee may be found on its website www.marquee-energy.com and in its continuous disclosure documents filed with Canadian securities regulators on SEDAR at www.sedar.com.