CNRL Announce Completion of the Offer to Acquire Laricina Energy Ltd

Posted On September 14th, 2018 - 10:59 am | by Oil and gas press

Canadian Natural Resources Limited announced that its offer (the “Offer”) to acquire all of the issued and outstanding common shares (the “Laricina Shares”) in the capital of Laricina Energy Ltd. (“Laricina”), as previously described in the Laricina press release dated July 26, 2018, has been accepted by holders of Laricina Shares representing 98.7% of the issued and outstanding Laricina Shares on a fully diluted basis.

Accordingly, the minimum tender requirement under applicable Canadian securities laws has been satisfied and all other conditions to the Offer have been satisfied.

Computershare Investor Services Inc. reported that as of 3:00 p.m. (Calgary time) on September 13, 2018, being the expiry time of the initial deposit period of the Offer, a total of 568,724,430 Laricina Shares (the “Tendered Shares”) were validly deposited under the Offer and not withdrawn. Canadian Natural has taken up and accepted for payment the Tendered Shares. An amount in the aggregate of $46,351,041.05 will be paid to the former holders of the Tendered Shares by no later than September 18, 2018.

In addition, the Offer is being extended for the mandatory extension period under applicable Canadian securities laws until 11:59 p.m. (Calgary time) on September 24, 2018 to allow those Laricina shareholders who have not yet tendered their Laricina Shares to the Offer an opportunity to do so. Canadian Natural will take up and pay for any Laricina Shares validly deposited to the Offer during the mandatory extension period within 10 calendar days after any such deposit.

After the mandatory extension period, Canadian Natural has agreed to acquire any remaining outstanding Laricina Shares pursuant to the compulsory acquisition provisions of the Business Corporations Act (Alberta).

Source / More : Canadian Natural Resources Limited

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