CALGARY, AB – (TSX: ARX) (TSX: VII) ARC Resources Ltd. (“ARC”) and Seven Generations Energy Ltd. (“Seven Generations”) are pleased to announce that the shareholders of each company have voted in favour of the proposed business combination (the “Business Combination”) to create the premier Montney producer and leader in responsible energy development. The Business Combination is expected to be completed on or about April 6, 2021 and is subject to the satisfaction of all closing conditions.
On March 31, 2021, ARC and Seven Generations each held special shareholders meetings virtually, via live webcasts, with each company’s shareholders voting on resolutions in connection with the proposed Business Combination.
- At the ARC special shareholders meeting, the resolution authorizing the issuance of ARC common shares to Seven Generations shareholders pursuant to and in connection with the Business Combination, as set out in the joint management information circular dated March 1, 2021, was approved by 96.08 per cent of the votes cast.
- At the Seven Generations special shareholders meeting, the resolution approving the Business Combination was approved by 99.41 per cent of the votes cast.
Further, the Court of Queen’s Bench of Alberta issued a final order approving the Business Combination on March 31, 2021.