CALGARY, AB – (TSX: ARX) (TSX: VII) ARC Resources Ltd. (“ARC”) and Seven Generations Energy Ltd. (“Seven Generations”) announced today that they have filed a joint management information circular (the “Circular”) dated March 1, 2021 and related meeting and proxy materials in connection with the proposed business combination (the “Business Combination”) to create the premier Montney producer and leader in responsible energy development. The meeting materials will be mailed to ARC and Seven Generations shareholders.
ARC and Seven Generations agreed to combine their respective businesses and entered into a business combination agreement dated February 10, 2021. The voting directors of both ARC and Seven Generations have unanimously approved the Business Combination and ask that shareholders vote in favour of the resolutions.
ARC and Seven Generations Special Shareholder Meetings
Special meetings for shareholders of record at the close of business on February 24, 2021 of each of ARC and Seven Generations will be held in order to consider and vote on resolutions in connection with the Business Combination as described in the Circular. In alignment with the recommendations of Canadian public health officials in response to the COVID-19 pandemic and due to restrictions on mass gatherings implemented by the Government of Alberta, the meetings will be conducted virtually via live webcasts.
The Seven Generations virtual meeting will be held at 9:00 a.m. (Calgary time) on Wednesday, March 31, 2021, and the ARC virtual meeting will be held at 11:00 a.m. (Calgary time) on Wednesday, March 31, 2021.
How to Vote
All shareholders are encouraged to vote in person (virtually) or by proxy. Details on how to vote and how to participate in the live webcasts are available in the Circular.
The completion of the Business Combination is subject to, among other things, (i) the approval of the Business Combination by not less than 66 ⅔ per cent of the votes cast by Seven Generations shareholders at the Seven Generations virtual meeting, (ii) the approval of the issuance of ARC common shares pursuant to and in connection with the Business Combination by a simple majority of the votes cast by ARC shareholders at the ARC virtual meeting, (iii) the approval of the Court of Queen’s Bench of Alberta, and (iv) the receipt of all other necessary regulatory approvals.
About the Business Combination
The Business Combination is expected to be completed on or about April 6, 2021, subject to the satisfaction of all closing conditions. Upon completion of the Business Combination, the combined company will operate as ARC Resources Ltd. and remain headquartered in Calgary, Alberta.