Shareholders Advised to Take No Action Pending Review of Offer
CALGARY, Alberta–(BUSINESS WIRE)–$IBR #IronBridge–Iron Bridge Resources Inc. (“Iron Bridge”, “IBR” or the “Company”) (TSX: IBR) today confirmed that Velvet Energy Ltd. (“Velvet Energy”) has commenced an unsolicited tender offer to acquire all the issued and outstanding common shares of IBR at a price of $0.75 per share in cash (the “Velvet Offer”).
The Iron Bridge Board of Directors, in consultation with independent financial and legal advisors, will carefully review and consider the offer. Shareholders will be promptly notified of any recommendation of the Board through a news release and circular in accordance with the applicable securities law.
Shareholders are urged not to take any action or make any decision with regard to the Velvet Offer until the Board has had an opportunity to fully review the Velvet Offer and to make a recommendation as to its merits.
Iron Bridge noted that the proposed $0.75 per share offer price is identical to the proposal received from Velvet Energy on May 13, 2018, which Iron Bridge previously stated does not reflect the value inherent in the Company, and it is below the current market share price of Iron Bridge.