CALGARY, ALBERTA--(Marketwired - Feb. 15, 2017) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Total Energy Services Inc. ("Total Energy" or the "Corporation") (TSX:TOT) is pleased to announce that, at the special meeting (the "Meeting") of its shareholders (the "Total Shareholders") held earlier today, Total Shareholders passed an ordinary resolution (the "Issuance Resolution") approving the issuance of up to 30,920,000 common shares of the Corporation (the "Total Shares") to the holders of common shares (the "Savanna Shares") of Savanna Energy Services Corp., in connection with the Corporation's offer (the "Offer"), dated December 9, 2016, to purchase all of the Savanna Shares.
The Issuance Resolution was approved by 98.07% of votes cast by Total Shareholders (in person and by proxy) at the Meeting. 27,442,575 Total Shares, representing approximately 88.75% of the issued and outstanding Total Shares, were represented at the Meeting.
Approval of the Issuance Resolution by Total Shareholders was one of the conditions of the Offer.
The Offer is scheduled to remain open for acceptance until 11:59 p.m. (Pacific Time) on March 24, 2017, unless the Offer is accelerated or extended by Total Energy or withdrawn by Total Energy.
Shareholders with questions and requests for assistance with tendering their Savanna Shares to the Offer should contact Total Energy's information agent, Laurel Hill Advisory Group, toll-free at 1-877-452-7184 (Toll Free in North America) or 1-416-304-0211 (Calls Outside North America) or by email at email@example.com.
About Total Energy
Total Energy is a growth oriented energy services corporation involved in contract drilling services (Chinook Drilling), rentals and transportation services (Total Oilfield Rentals) and the fabrication, sale, rental and servicing of natural gas compression (Bidell Gas Compression) and process equipment (Spectrum Process Systems).
This release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.