Boulder Energy Ltd.

Boulder Energy Ltd.

April 12, 2016 13:28 ET

Boulder Energy Ltd. Announces Shareholder Approval of the Plan of Arrangement

CALGARY, ALBERTA--(Marketwired - April 12, 2016) - BOULDER ENERGY LTD. ("Boulder" or the "Company") (TSX:BXO)(OTCQX:BLLDF) is pleased to announce that the previously announced plan of arrangement (the "Arrangement") involving the Company, a newly formed portfolio company of ARC Energy Fund 8 (a private equity fund raised and advised by ARC Financial Corp.) and the shareholders of Boulder has been approved by the holders of the Company's common shares (the "Boulder Shares"). The Company held a special meeting of shareholders (the "Meeting") earlier today at which 95.8% of the Boulder Shares represented at the Meeting were voted in favour of the Arrangement. After excluding the Boulder Shares held by those persons whose Boulder Shares were required to be excluded for purposes of determining minority approval under Multilateral Instrument 61-101 of the Canadian Securities Administrators, 95.6% of the Boulder Shares represented at the Meeting were voted in favour of the Arrangement.

Pursuant to the Arrangement, each Boulder Share will be exchanged for cash consideration of $2.59 per Boulder Share (other than certain Boulder Shares held by certain officers of the Company which will be exchanged for common shares of the purchaser).

The Company intends to apply for a final order approving the Arrangement by the Court of Queen's Bench of Alberta later this afternoon. Assuming that the final order is received and all other terms and conditions to the Arrangement are met, it is expected that the Arrangement will close tomorrow, April 13, 2016.

Note Regarding Forward-Looking Statements

Certain information provided in this news release constitutes forward-looking statements. Specifically, this news release contains forward-looking statements relating to the anticipated timing for the application for the final order approving the Arrangement and the anticipated timing for the closing of the Arrangement. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved will vary from the information provided in this news release as a result of numerous known and unknown risks and uncertainties and other factors. Such factors include, but are not limited to: general economic, market and business conditions; changes in regulations; timing and receipt of regulatory approvals, and other factors, many of which are beyond the control of the Company. There is no representation by the Company that actual results achieved will be the same as those forecast. Additional information on other risks and factors that could affect the timing of the matters stated herein is included in reports on file with applicable securities regulatory authorities, including but not limited to, the Company's Notice of Special Meeting and Management Information Circular dated March 15, 2016 which may be accessed on the Company's SEDAR profile at The forward-looking statements and information contained in this news release are made as of the date hereof and Boulder does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events, or results or otherwise, other than as required by applicable securities laws.

Contact Information

  • Boulder Energy Ltd.
    Martin Cheyne
    Chief Executive Officer
    (403) 263-9130

    Boulder Energy Ltd.
    Clayton Thatcher
    (403) 263-6426