Toscana Energy Announces Annual and Special Meeting
CALGARY, Alberta, Sept. 09, 2020 (GLOBE NEWSWIRE) -- Toscana Energy Income Corporation (Toscana) (TSX: TEI) is pleased to announce that it has scheduled its annual and special meeting for October 27, 2020 at 9:00 a.m. (Calgary time) (the Meeting). As previously announced by Toscana, the Meeting is being called to consider, among other annual matters of business, the previously announced transaction (the Arrangement) with i3 Energy plc (i3 Energy), an AIM-listed oil and gas company, pursuant to which i3 Energy will acquire all of the issued and outstanding common shares in the capital of Toscana pursuant to the terms of an arrangement agreement between Toscana and i3 Energy dated June 23, 2020 (the Arrangement Agreement). In furtherance of the foregoing, Toscana and i3 Energy entered into an amending agreement to the Arrangement Agreement dated September 9, 2020 to extend the date by which Toscana must call the Meeting to consider the Arrangement and to extend the outside date by which the Arrangement must close by.
Further details regarding the Arrangement will be contained in a management information circular (the Information Circular) to be prepared in connection with the Meeting and expected to be mailed to shareholders of Toscana in early October, 2020. The Information Circular will be available electronically on Toscana's SEDAR profile at www.sedar.com shortly following the mailing of the Information Circular. Subject to receipt of all required approvals including approval by the shareholders of Toscana, regulatory approvals and approval by the Court of Queen's Bench of Alberta, the Arrangement is expected to close on or about October 30, 2020.
About Toscana
Toscana Energy Income Corporation is a conventional oil and gas producer with the mandate to acquire high quality, long life oil and gas assets.
For further information, please contact:
Ryan Heath, Chief Executive Officer
Tel: (403) 355-0455
Fax: (403) 444-0090
Advisories
Forward-Looking Information
Certain statements contained in this press release constitute forward-looking statements or forward-looking information under applicable securities legislation. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", or similar words suggesting future outcomes or statements regarding an outlook.
Specific forward-looking statements in this press release include, but are not limited to: statements regarding the Arrangement, including completion of the Arrangement and the timing in respect thereof; the preparation and circulation of the Information Circular, the holding of the Meeting and the timing in respect thereof; and the timing of matters related to the approval of the Arrangement including shareholder, regulatory and Court of Queen's Bench approvals and the timing in relation thereto. Such information reflects Toscana's current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, without limitation: the impact of any changes in the laws and regulations in the jurisdictions in which Toscana operates.
Although Toscana believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements or information because Toscana can give no assurance that such expectations will prove to be correct. The forward-looking statements and information are based on Toscana's current expectations, estimates and projections, and are subject to a number of significant risks and uncertainties that could cause actual results to differ materially from those anticipated. Such risks and uncertainties include, among others: the risk that the Arrangement may not be completed on a timely basis, if at all; the conditions to the consummation of the Arrangement may not be satisfied; the risk that the Arrangement may involve unexpected costs, liabilities or delays; the possible occurrence of an event, change or other circumstance that could result in termination of the Arrangement; risks relating to the failure to obtain necessary shareholder and court approval; necessary approvals from the Toronto Stock Exchange or the TSX Venture Exchange in respect of the listing of the i3 Energy Shares may not be received or received in a timely fashion; the timing in respect of the delivery of the Information Circular and the Meeting may be delayed which in turn will delay the expected closing date of the Arrangement; general business and economic conditions; the overall performance of the stock market(s); actions of competitors and partners; and the regulatory environment. The foregoing is not exhaustive and other risks are detailed from time to time in other continuous disclosure filings of Toscana. Should one or more of the uncertainties or risks materialize, or should assumptions underlying the forward-looking statements or information prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected. These forward-looking statements contained herein are made as of the date of this press release and in each, case are expressly qualified by this cautionary statement. Toscana does not intend to nor does it assume any obligation to update publicly or revise any of the forward-looking statements, whether as a result of new information, subsequent events or otherwise, except as required by applicable laws. Toscana cautions readers not to place undue reliance on these statements.
SOURCE: Toscana Energy Income Corporation
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