Waterous Energy Fund Addresses Osum's Press Release and Reaffirms Strong Shareholder Support

Waterous Energy Fund Addresses Osum's Press Release and Reaffirms Strong Shareholder Support
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CALGARY, AB, Feb. 3, 2021 /PRNewswire/ - Waterous Energy Fund ("WEF") addresses the continued efforts taken by Osum Oil Sands Corp. ("Osum", or the "Company") to obstruct the ability of Osum's shareholders to achieve liquidity through WEF's offer (the "Bid", or the "Offer") as outlined in Osum's press release on February 1, 2021.
WEF Reaffirms the Strong Shareholder Support It Has Received
Shareholder support for WEF's bid has increased since the ruling of the Alberta Securities Commission ("ASC") dismissing Osum's application to cease trade the Bid. As of February 3, shareholders holding more than 50% of the outstanding shares not owned by WEF have either tendered their shares, submitted their shares to their brokers for bulk tendering, or expressed an intention to tender, including approximately 40% who signed binding support agreements to tender their shares. WEF therefore continues to reasonably believe the Minimum Tender Condition has been satisfied and will remain to be satisfied on the expiry of the Offer, paving the way for a successful acquisition. Statements by Osum that their information agent has contradictory data are misleading; their information agent has no line of sight to the depositary process nor the shareholder engagement in support of the tendering process.

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