ARC Energy Fund 7, collectively with ARC Equity Management (Fund 7) Ltd. and the limited partnerships comprising ARC Energy Fund 9 (“ARC Energy Fund 9“) (collectively, “ARC”) collectively disposed of 32,675,449 Common Shares.
The transactions were conducted over the facilities of the Nasdaq CXC Exchange on February 10, 2023. ARC Energy Fund 7 now exercises control or direction over 28,716,464 Common Shares and ARC Energy Fund 7 (collectively with ARC Energy Fund 9 and ARC Equity Management (Fund 7) Ltd.) now exercise control or direction over 32,675,451 Common Shares, representing less than 10% of the outstanding Common Shares of the Corporation.
ARC Energy Fund 7 previously exercised control or direction over 57,432,927 Common Shares, representing approximately 10.3% of the current outstanding Common Shares. ARC Energy Fund 7, collectively with ARC Energy Fund 9 and ARC Equity Management (Fund 7) Ltd. (collectively, “ARC”) previously exercised control or direction over an aggregate of 65,350,900 Common Shares, representing approximately 11.7% of the current outstanding Common Shares.
ARC Energy Fund 7 is a fund specializing in the energy sector, and is part of the ARC Financial group. ARC held the Common Shares for investment purposes and may, depending on market and other conditions, acquire additional Common Shares through market transactions, private agreements, treasury issuances, dividend reinvestment programs, exercise of options, convertible securities or otherwise, or may sell all or some of the Common Shares it owns or controls, or may continue to hold such Common Shares. This press release has been issued in order to comply with applicable securities legislation.
ARC continues to hold a significant equity stake in the Corporation and believes they are well positioned for future value creation given its high-quality asset base.
ARC Energy Fund 7 is filing an early warning report advising of these matters. A copy of such early warning report may be found on the Corporation’s profile at www.sedar.com or may be obtained from ARC Energy Fund 7 using the contact information below.