Gear Energy Ltd. Announces Shareholder Approval for Plan of Arrangement
Gear Energy (TSX: GXE) (OTCQX: GENGF) announced that shareholders have approved a significant plan of arrangement with 82.024% of votes in favor. Under the arrangement, a large publicly traded company will acquire all of Gear's outstanding shares and heavy oil assets (excluding Tucker Lake property).
The remaining assets, including light oil assets in Central Alberta and Southeast Saskatchewan, along with Tucker Lake heavy oil assets, will be transferred to a newly formed entity called Lotus Creek Exploration Inc., which will be owned by former Gear shareholders.
Shareholders also approved Lotus Creek's share option plan and shareholder protection rights plan agreement. The arrangement's final court approval is expected on February 4, 2025, with closing anticipated around February 5, 2025.
Gear Energy (TSX: GXE) (OTCQX: GENGF) ha annunciato che gli azionisti hanno approvato un piano di riorganizzazione significativo con
Gli asset rimanenti, compresi gli asset di petrolio leggero in Centro Alberta e nel Sud-est del Saskatchewan, insieme agli asset di petrolio pesante di Tucker Lake, saranno trasferiti a una nuova entità chiamata Lotus Creek Exploration Inc., che sarà di proprietà degli ex azionisti di Gear.
Gli azionisti hanno anche approvato il piano di opzioni sulle azioni di Lotus Creek e l'accordo sui diritti di protezione degli azionisti. L'approvazione finale del tribunale per l'accordo è prevista per il 4 febbraio 2025, con la chiusura anticipata attorno al 5 febbraio 2025.
Gear Energy (TSX: GXE) (OTCQX: GENGF) anunció que los accionistas han aprobado un plan de reestructuración significativo con el 82.024% de los votos a favor. Según el acuerdo, una gran empresa cotizada adquirirá todas las acciones en circulación y activos de petróleo pesado de Gear (excluyendo la propiedad de Tucker Lake).
Los activos restantes, incluidos los activos de petróleo ligero en el Centro de Alberta y el Sureste de Saskatchewan, junto con los activos de petróleo pesado de Tucker Lake, se transferirán a una entidad recién formada llamada Lotus Creek Exploration Inc., que será propiedad de los ex accionistas de Gear.
Los accionistas también aprobaron el plan de opciones sobre acciones de Lotus Creek y el acuerdo del plan de derechos de protección de accionistas. Se espera la aprobación final del tribunal para el acuerdo el 4 de febrero de 2025, con el cierre anticipado alrededor del 5 de febrero de 2025.
기어 에너지 (TSX: GXE) (OTCQX: GENGF)는 주주들이 82.024%의 찬성 투표로 의미 있는 재편성 계획을 승인했다고 발표했습니다. 이 계획에 따라, 한 대형 상장 회사가 기어의 모든 발행 주식과 중유 자산(터커 레이크 자산 제외)을 인수하게 됩니다.
남은 자산은 중앙 알버타와 동남 사스카추완의 경량유 자산 및 터커 레이크 중유 자산이 포함되어 있으며, 이는 로터스 크릭 탐사 주식회사라는 새로 설립된 법인으로 이전되며, 이는 이전 기어 주주들이 소유하게 됩니다.
주주들은 또한 로터스 크릭의 주식 옵션 계획 및 주주 보호 권리 계획 협정을 승인했습니다. 이 계획의 최종 법원 승인은 2025년 2월 4일에 예상되며, 종료는 2025년 2월 5일경에 이루어질 것으로 보입니다.
Gear Energy (TSX: GXE) (OTCQX: GENGF) a annoncé que les actionnaires ont approuvé un plan de réorganisation significatif avec 82,024 % des votes en faveur. Dans le cadre de l'accord, une grande entreprise cotée en bourse acquerra toutes les actions en circulation et les actifs de pétrole lourd de Gear (à l'exception de la propriété de Tucker Lake).
Les actifs restants, y compris les actifs de pétrole léger en Alberta centrale et dans le sud-est du Saskatchewan, ainsi que les actifs de pétrole lourd de Tucker Lake, seront transférés à une nouvelle entité appelée Lotus Creek Exploration Inc., qui sera détenue par les anciens actionnaires de Gear.
Les actionnaires ont également approuvé le plan d'options d'achat d'actions de Lotus Creek et l'accord sur les droits de protection des actionnaires. L'approbation finale de l'accord par le tribunal est prévue pour le 4 février 2025, avec une clôture prévue autour du 5 février 2025.
Gear Energy (TSX: GXE) (OTCQX: GENGF) gab bekannt, dass die Aktionäre einen bedeutenden Umstrukturierungsplan mit 82,024 % der Stimmen dafür genehmigt haben. Im Rahmen des Plans wird ein großer börsennotierter Konzern alle ausstehenden Aktien und schweren Ölressourcen von Gear (mit Ausnahme der Tucker Lake-Immobilie) erwerben.
Die verbleibenden Vermögenswerte, einschließlich der Leichtölressourcen in Zentral-Alberta und im Südosten von Saskatchewan sowie den schweren Ölressourcen von Tucker Lake, werden an ein neu gegründetes Unternehmen namens Lotus Creek Exploration Inc. übertragen, das im Besitz der ehemaligen Aktionäre von Gear sein wird.
Die Aktionäre genehmigten ebenfalls den Aktienoptionsplan und die Aktionärschutzrechte-Vereinbarung von Lotus Creek. Die endgültige Genehmigung des Plans durch das Gericht wird für den 4. Februar 2025 erwartet, mit einem Abschluss, der um den 5. Februar 2025 herum vorausgesagt wird.
- Strong shareholder support with 82.024% approval for the arrangement
- Strategic asset reorganization creating value through new entity Lotus Creek
- Shareholders will maintain ownership in light oil and Tucker Lake assets through Lotus Creek
- Loss of direct ownership in heavy oil assets through sale to acquiring company
Calgary, Alberta--(Newsfile Corp. - February 3, 2025) - Gear Energy Ltd. ("Gear" or the "Company") (TSX: GXE) (OTCQX: GENGF) is pleased to announce that today at its special meeting (the "Meeting") of the holders (the "Gear Shareholders") of common shares of Gear (the "Gear Shares"), the Gear Shareholders passed a special resolution (the "Arrangement Resolution") approving a plan of arrangement under Section 193 of the Business Corporations Act (Alberta) (the "Arrangement"), pursuant to which a large publicly traded company will acquire all of the issued and outstanding Gear Shares, including all of Gear's heavy oil assets (other than its Tucker Lake property) and Gear will transfer all of Gear's other property and assets, which includes its light oil assets in Central Alberta and Southeast Saskatchewan and its heavy oil assets in Tucker Lake, to a newly formed entity, Lotus Creek Exploration Inc. ("Lotus Creek"), which will be owned by the former Gear Shareholders following the closing of the Arrangement (the "Transaction"). The Arrangement Resolution was required to be approved by at least 66⅔% of the votes cast by Gear Shareholders, either in person or represented by proxy, at the Meeting. The Arrangement Resolution was approved by
Gear is also pleased to announce that today at the Meeting, the Gear Shareholders passed an ordinary resolution approving the share option plan of Lotus Creek and an ordinary resolution approving the shareholder protection rights plan agreement for Lotus Creek.
For details of the voting results on each of the matters considered at the Meeting, see Gear's Report of Voting Results filed pursuant to Section 11.3 of National Instrument 51-102 - Continuous Disclosure Obligations on its profile on SEDAR+ at www.sedarplus.ca. Final approval from the Court of King's Bench of Alberta for the Arrangement is expected to occur on February 4, 2025 and closing of the Arrangement is expected to occur on or about February 5, 2025.
FOR FURTHER INFORMATION PLEASE CONTACT:
Kevin Johnson
President & CEO
403-538-8463
David Hwang
Vice President Finance & CFO
403-538-8437
Email: info@gearenergy.com
Website: www.gearenergy.com
Forward-Looking Information and Statements
Certain information contained herein may constitute forward-looking statements and information (collectively, "forward-looking statements") within the meaning of applicable securities legislation, as amended, that involve known and unknown risks, assumptions, uncertainties and other factors. Undue reliance should not be placed on any forward-looking statements. Forward-looking statements may be identified by words like "expects", "may", "should", "will" and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release include but are not limited to, statements regarding: the expected acquisition of the Gear Shares by a large publicly traded company; the expected date and final approval from the Court of King's Bench of Alberta for the Arrangement; the expected closing date of the Arrangement; and the ability of the parties to satisfy the other conditions to, and to complete, the Arrangement. Such forward-looking statements reflect the current views of the Company with respect to future events and are subject to certain risks, uncertainties and assumptions that could cause results to differ materially from those expressed in the forward-looking statements. These risks and uncertainties include but are not limited to: the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreements relating to the Arrangement; final approval from the Court of King's Bench of Alberta for the Arrangement does not occur; closing of the Arrangement is delayed; the inability to complete the Arrangement due to the failure to meet the conditions to closing; and other matters. Readers are cautioned that the foregoing list is not exhaustive of all possible risks and uncertainties. With respect to forward-looking statements contained in this press release, Gear has made assumptions regarding, among other things: that the parties will complete the Arrangement on the terms and on the timing contemplated by management of Gear; that the Arrangement will receive final approval from the Court of King's Bench of Alberta and that all necessary conditions will be met for the completion of the Arrangement and the Arrangement is completed. Although the Company believes that the expectations reflected in the forward-looking statements contained in this press release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the foregoing list is not an exhaustive list of all assumptions which have been considered. The forward-looking statements contained in this press release are made as of the date hereof and Gear does not undertake any obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/239455
FAQ
When will Gear Energy's (GENGF) arrangement close?
What percentage of Gear Energy (GENGF) shareholders approved the arrangement?
What assets will Lotus Creek receive from Gear Energy (GENGF)?
What happens to Gear Energy (GENGF) shareholders after the arrangement?
