CALGARY, Alberta – i3 Energy plc (i3 Energy) (AIM: I3E) and Toscana Energy Income Corporation (Toscana or the Company) (TSX: TEI) are pleased to announce that the previously announced transaction (Transaction) pursuant to which i3 Energy will acquire all of the issued and outstanding shares in the capital of Toscana (Toscana Shares) has been successfully completed.
In connection with the Transaction, an aggregate of 4,399,215 ordinary shares in the capital of i3 Energy (i3 Shares) were issued to Toscana shareholders in exchange for their Toscana Shares on the basis of 0.03031261 of an i3 Share for each Toscana Share. Following completion of the Transaction, an aggregate of 700,054,815 i3 Shares are issued and outstanding.
Also in connection with the Transaction, i3 Energy made application and was conditionally approved for the listing of the i3 Shares on the Toronto Stock Exchange (the TSX), subject to i3 Energy satisfying the listing requirements set out in the conditional approval letter issued by the TSX (the TSX Letter). It is anticipated that the Toscana Shares will be delisted from the TSX at the close of the markets on November 5, 2020 and the i3 Shares will commence trading on the TSX at the opening of the markets on November 6, 2020 under the symbol “ITE”. Former Toscana shareholders that have questions about their Toscana Shares that have been exchanged for i3 Shares should contact the depositary, Odyssey Trust Corporation, at 1-587-885-0960 or www.odysseycontact.com for more information.
In connection with the Transaction, the board of directors of Toscana resigned and a new board of directors was appointed. The new board of directors of Toscana is comprised of Majid Shafiq, Chief Executive Officer of i3 Energy, and Graham Heath, Chief Financial Officer of i3 Energy.
About i3 Energy
i3 Energy is an independent oil and gas company incorporated under the laws of the United Kingdom in 2014. It remains focused on the development and production of high return hydrocarbon fields and discoveries.