LEUCROTTA EXPLORATION INC. ("LXE")
BULLETIN TYPE: -Plan of Arrangement, Delist
BULLETIN DATE: June 1, 2022
TSX Venture Tier 1 Company
Plan of Arrangement
Pursuant to a special resolution passed by the shareholders of the Company on May 20, 2022, the Company has completed a plan of arrangement ("Arrangement") under Section 193 of the Business Corporation Act (Alberta). Pursuant to the terms of the arrangement agreement ("Agreement") dated March 28, 2022, between the Company, Vermilion Energy Inc. (the "Purchaser") and Coelacanth Energy Inc. (formerly 2418573 Alberta Ltd.) ("ExploreCo"), a wholly-owned subsidiary of the Company, the Purchaser will acquire all of the issued and outstanding securities of the Company.
Each former holder of common shares of the Company will receive $1.73 in cash for every one common share of the Company held along with one common share of ExploreCo and 0.1917 of one ExploreCo common share purchase warrant (each whole ExploreCo common share purchase warrant, an "ExploreCo Warrant").
Each former holder of common share purchase warrants of the Company which entitled the holder to acquire common shares of the Company on issuance which would constitute "flow-through shares" as defined under the Income Tax Act (Canada) will receive $0.76 in cash for every one warrant of the Company held along with one common share of ExploreCo and 0.1917 of one ExploreCo Warrant. Each ExploreCo Warrant will be exercisable for one common share of the ExploreCo at an exercise price of $0.27 for a thirty (30) day period from the date of closing of the Arrangement.
The Court of Queen's Bench of Alberta granted a final order in connection with the Arrangement on May 20, 2022.
Delist
Effective at the close of business on Friday, June 3, 2022, the common shares will be delisted from TSX Venture Exchange at the request of the Company as a result of the Arrangement.
For further information, please refer to the Company's news releases dated March 28, 2022, May 24, 2022 and May 31, 2022.
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