Lorito Holdings S.à.r.l. and Zebra Holdings and Investments S.à.r.l. Receive Distribution of Common Shares of International Petroleum Corp.

LUXEMBOURG, Dec. 17, 2018 /CNW/ - Lorito Holdings S.à.r.l. ("Lorito") and Zebra Holdings and Investments S.à.r.l. ("Zebra") 40, Boulevard Grande Duchesse Charlotte, L-1330 Luxembourg, two companies controlled by a trust settled by the late Adolf H. Lundin, announced today that as a result of the closing on December 14, 2018 of the strategic business combination, International Petroleum Corp. ("Intl Petroleum") (TSX:IPC,Nasdaq Stockholm:IPCO) acquired all shares of BlackPearl Resources Inc. ("BlackPearl")  (TSX:PXX, NASDAQ Stockholm: PXXS), they will be receiving common shares of Intl Petroleum.

Under the previously announced plan of arrangement in a joint press release dated October 10, 2018, Lorito and Zebra will, based on their holdings of BlackPearl on record as of December 14, 2018, receive 0.22 shares of Intl Petroleum valued at Can$1.0824 for every one common shares of BlackPearl held. Lorito will be receiving and holding 3'022'018 common shares or approximately 3.44% and Zebra will be receiving and holding 5'826'159 common shares or approximately 6.63% respectively of the issued capital of Intl Petroleum. Collectively, the joint-actors will be holding a total of 8'848'177 common shares or approximately 10.07% of the issued capital of Intl Petroleum.  

After the acquisition of BlackPearl by Intl Petroleum, Lorito and Zebra as joint actors ceased to be Insiders of BlackPearl.    

Lorito and Zebra are joint actors with respect to their holdings in Intl Petroleum Corp and have acquired the common shares for investment purposes. Each of Lorito and Zebra may from time to time increase or decrease their investment in Intl Petroleum depending upon the business and prospects of Intl Petroleum and depending upon future market conditions.

A copy of the Early Warning Report filed pursuant to National Instrument 62-103 may be obtained from Sandy Kansky, 1-604-806-3574

SOURCE Lorito Holdings S.a.r.l.

Mr. Aksel Azrac, Lorito Holdings S.à.r.l. / Zebra Holdings and Investments S.à.r.l., 40, Boulevard Grande Duchesse Charlotte, L-1330 Luxembourg, Telephone: + 352 26 30 27 70, Fax: + 352 27 44 93 80