CALGARY, Alberta, May 25, 2018 (GLOBE NEWSWIRE) — Spartan Energy Corp. (“Spartan” or the “Company“) (TSX:SPE) is pleased to announce that it has obtained approval from the holders (the “Spartan Shareholders“) of common shares of Spartan (the “Spartan Shares“) at a special meeting of Spartan Shareholders (the “Meeting“) held today to consider the proposed plan of arrangement (the “Arrangement“) pursuant to which Vermilion Energy Inc. will acquire all of the outstanding Spartan Shares, as previously announced by Spartan on April 16, 2018.
The Arrangement was approved by: (i) 96.23% of the votes cast by Spartan Shareholders present in person or represented by proxy at the Meeting; and (ii) 95.85% of the votes cast by minority Spartan Shareholders (after excluding the Spartan Shares of those persons required by Multilateral Instrument 61-101 of the Canadian Securities Administrators).
Following the requisite Spartan Shareholder approvals having been obtained at the Meeting, Spartan obtained a final order of the Court of Queen’s Bench of Alberta approving the Arrangement. Spartan anticipates that the Arrangement will close on or about May 28, 2018, subject to the satisfaction or waiver of all other conditions to the Arrangement.
Spartan is a company actively engaged in the business of oil and gas exploration, development, acquisition and production in Alberta and Saskatchewan. The Spartan Shares are listed and posted for trading on the Toronto Stock Exchange under the symbol “SPE”. Spartan is headquartered in Calgary, Alberta.