CALGARY, Nov. 20, 2018 /CNW/ – Marquee Energy Ltd. (“Marquee” or the “Company”) (TSXV: “MQX”) are pleased to announce that, at the special meeting of shareholders of Marquee held yesterday (the “Meeting”), the shareholders and optionholders of Marquee overwhelmingly voted in favour of a special resolution to approve the proposed plan of arrangement with Prairie Provident Resources Inc. (the “Arrangement”) pursuant to which, among other things, Prairie Provident Resources Inc. will acquire all of the issued and outstanding shares of Marquee. Marquee shareholders will receive, for each Marquee share held, 0.0886 common share of Prairie Provident Resources Inc.
The Arrangement required approval by: (i) 66⅔% of the votes cast by shareholders present in person or represented by proxy at the Meeting; and (ii) 66⅔% of the votes cast by optionholders present in person or represented by proxy at the Meeting.
A total of 188,960,220 Marquee shares, representing approximately 43% of the outstanding Marquee shares, were represented in person or by proxy at the Meeting. Of the votes cast with respect to the Arrangement, an aggregate of 164,904,430 Marquee shares were voted in favour of the Arrangement, representing approximately 98% of the votes cast on the resolution. In addition, an aggregate of 20,270,000 of the outstanding Marquee options were represented in person or by proxy at the Meeting, with 100% voted in favour of the Arrangement.
Marquee also received today a final order of the Court of Queen’s Bench of Alberta approving the Arrangement. Completion of the Arrangement remains subject to other customary closing conditions. Assuming that the conditions to closing are satisfied or waived, it is expected that the Arrangement will be completed on or around November 21, 2018. Following completion of the Arrangement, Marquee will be de-listed from the TSX Venture Exchange on November 21, 2018, and applications will be made for Marquee to cease to be a reporting issuer.
Shareholders who are registered shareholders must send their certificates to the depositary, Alliance Trust Company, 1010, 407 – 2nd Street SW, Calgary, Alberta T2P 2Y3. Attention: Securities Department. Shareholders who hold their shares through a broker should not need to undertake any action as your broker will take steps to receive the consideration shares.
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.