CALGARY, ALBERTA--(Marketwired - Sept. 15, 2016) - MIE Maple Investments Limited ("MIE") announces that it has agreed to acquire an aggregate of 16,355,798 common shares and restricted voting shares (collectively, "Shares") in the capital of Journey Energy Inc. ("Journey") from Infra-PSP Partners Inc. for aggregate consideration of $33,846,602 (being an amount of approximately $2.069 per Share) pursuant to a share purchase agreement dated as of September 15, 2016. On closing of the acquisition, the restricted voting shares will automatically convert, without any further action, into common shares on the basis of one common share for each restricted voting share. Closing of the acquisition is expected to occur on or before September 30, 2016.
On closing of the acquisition, MIE will acquire ownership of, and control over, 16,355,798 Shares representing 37.5% of the issued and outstanding Shares. Prior to the closing of the acquisition, MIE does not hold any Shares.
The acquisition will be exempt from the formal take-over bid requirements in applicable Canadian securities laws pursuant to the "private agreement exemption" set forth in Section 4.2 of National Instrument 62-104. The exemption is available to MIE on the basis that (i) the Shares are being acquired from not more than five persons or companies in the aggregate; (ii) the bid was not made generally to holders of Shares of Journey; and (iii) the value of the consideration to be paid for the Shares, including brokerage fees and commissions, is not greater than 115 per cent of the market price of the Shares at the date of the bid as determined in accordance with applicable Canadian securities laws.
The Shares are being acquired for investment purposes. Depending on market conditions and other relevant factors, MIE may acquire additional Shares either on the open market or through private acquisitions, including acquisitions from treasury of Journey, or sell Shares either on the open market or through private dispositions.
CIBC Capital Markets acted as financial advisor to MIE in connection with the acquisition.
ABOUT MIE MAPLE INVESTMENTS LIMITED
MIE was incorporated under the laws of the British Virgin Islands. MIE's head office is located at Rooms 521-526, 5/F, Sun Hung Kai Centre, 30 Harbour Road, Wanchai, Hong Kong. MIE is a wholly-owned subsidiary of MIE Holdings Corporation, an independent upstream oil and gas company operating in China, Kazakhstan and the United States of America.
For additional information or to obtain a copy of the early warning report to be filed by MIE in connection with the foregoing, please contact:
|MIE Maple Investments Limited
|Attention: Kenneth Wong
|Tel: +852 2511 0028