Osum Advises Shareholders of the Potential for a Superior Bid
CALGARY, AB, Feb. 15, 2021 /CNW/ - Osum Oil Sands Corp. ("Osum" or the "Company") wishes to advise shareholders that its special committee of independent directors (the "Special Committee") is currently in discussions that could lead to a superior offer to the current takeover bid of $2.40 per share by Waterous Energy Fund (the "WEF Offer"). The Special Committee expects to be in a position to announce the outcome of those discussions in the next several days and well in advance of the February 24th expiry of the WEF Offer.
As a result, there is no need to tender to the WEF Offer at this time.
Given this recent development, the independent valuation has been put on hold.
Shareholders with questions are encouraged to contact Laurel Hill Advisory Group 1.877.452.7184 (416.304.0211 outside North America) or email [email protected].
Cautionary Information and Forward-Looking Statements
Certain information included in this press release, including, without limitation, statements with respect to the superior offer, constitute 'forward-looking statements' within the meaning of applicable Canadian securities laws. Forward-looking statements are necessarily based upon a number of estimates, assumptions, expectations and projections that, while considered reasonable by Osum, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Generally, forward-looking information can be identified by use of words such as "outlook", "objective", "may", "could", "would", "will", "expect", "intend", "estimate", "forecasts", "project", "seek", "anticipate", "believes", "should", "plans", "promise" "optimistic" or "continue", and other similar terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual financial results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. In particular, there is no certainty that a superior offer will be made. Except as required by law, Osum disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise. Readers are cautioned not to put undue reliance on these forward-looking statements. Historical statements contained in this document regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. In particular, historical results should not be taken as a representation that such trends will be replicated in the future.
Advisors
Osum has retained TD Securities and RBC Capital Markets as its financial advisors, and McCarthy Tétrault LLP as legal counsel to Osum and the Osum Board and Norton Rose Fulbright Canada LLP as legal counsel to the Special Committee. Laurel Hill Advisory Group is acting as Osum's shareholder communications advisor and information agent.
About Osum
Established in Alberta in 2005, Osum Oil Sands Corp. is a private oil sands producer focused on the responsible application of in situ recovery technologies within Canada's oil sands and carbonates. Additional information on the Company is available at osumcorp.com.
SOURCE Osum Oil Sands Corp.
Media Contact: Christi Clouter, Communications Manager, [email protected]
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