WEF ) and Osum Oil Sands Corp. (
Osum ) are pleased to announce that a special meeting of shareholders (the
Meeting ) of Osum was held earlier today to approve the amalgamation (the
Amalgamation ) of Osum and WEF Osum Acquisition Corp. (
WOAC ), an entity wholly-owned by WEF. Osum shareholders overwhelmingly voted to approve the Amalgamation, with 97.7% of votes cast by Osum shareholders represented at the Meeting (holding 89.8% of all issued and outstanding Osum Shares) voting in favour of the Amalgamation. The Amalgamation received minority approval in accordance with Multilateral Instrument 61-101. The Amalgamation was completed following the Meeting. The amalgamated entity is now wholly-owned by WEF and will continue on business under the name Osum Oil Sands Corp. .
Waterous Energy Fund announces the final step of its acquisition of Osum Oil Sands Corp; shareholder meeting to be held April 30, 2021 to approve the transaction
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WEF ) and Osum Oil Sands Corp. (
Osum ) announce today that Osum has entered into an amalgamation agreement with WEF Osum Acquisition Corp. (
WOAC ) under which Osum will amalgamate with WOAC, with the amalgamated entity (
Amalco ) becoming an entity wholly-owned by WEF (the
Amalgamation ). Osum s board has called a meeting of holders (
Osum Shareholders ) of common shares of Osum (
Osum Shares ) to consider the proposed Amalgamation.
This Amalgamation has previously been disclosed to Osum Shareholders in WEF s take-over bid for up to 57,000,000 Osum Shares (the
WEF ) and its subsidiary WEF Osum Acquisition Corp. (the
Offeror ) are pleased to announce that each of the conditions to the offer dated November 4, 2020, as amended, to acquire up to 57,000,000 common shares (
Osum Shares ) of Osum Oil Sands Corp. (
Osum ) at a price of $3.00 per share (the
Offer ) have been satisfied, including the condition prescribed by applicable securities laws that more than 50% of the Osum Shares not owned by WEF be tendered to the Offer.
A total of 45,747,068 Osum Shares were deposited and not withdrawn at the initial expiry time under the Offer, representing approximately 34% of the issued and outstanding Osum Shares.
Waterous Energy Fund Improves its Cash Offer for Osum and Enters into Support Agreements with All Independent Directors and All Senior Executive Officers
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WEF ) is pleased to announce that its subsidiary WEF Osum Acquisition Corp. (the
Offeror ) has improved its all-cash offer to acquire common shares (
Osum Shares ) of Osum Oil Sands Corp. (
Osum ). WEF has received the support of all three members of Osum s special committee of independent board members (
Special Committee ) and all five executive officers of Osum, including William Friley, Chairman of the Board of Directors, and Steve Spence, President and CEO of Osum.