CALGARY, AB – Osum Oil Sands Corp. (“Osum” or the “Company”) wishes to advise shareholders that its special committee of independent directors (the “Special Committee”) is currently in discussions that could lead to a superior offer to the current takeover bid of $2.40 per share by Waterous Energy Fund (the “WEF Offer”). The Special Committee expects to be in a position to announce the outcome of those discussions in the next several days and well in advance of the February 24th expiry of the WEF Offer.
As a result, there is no need to tender to the WEF Offer at this time.
Given this recent development, the independent valuation has been put on hold.
Shareholders with questions are encouraged to contact Laurel Hill Advisory Group 1.877.452.7184 (416.304.0211 outside North America) or email email@example.com.