Simpson Oil Limited Provides Early Warning Disclosure Regarding Investment in Parkland Corporation

GRAND CAYMAN, Cayman Islands, Oct. 19, 2022 /CNW/ - This press release is being issued by Simpson Oil Limited ("Simpson Oil") pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers ("NI 62-103") in connection with the exchange of Simpson Oil's 12.5 million shares in the capital of Sol Investments SEZC for 20 million common shares (the "Parkland Common Shares") in the capital of Parkland Corporation ("Parkland") pursuant to the terms of the share exchange agreement entered into between Simpson Oil and Parkland on August 4, 2022 (the "Share Exchange").

Additional details relating to the Share Exchange are described in the Parkland's press releases dated August 4, 2022 and October 19, 2022, which are or will be filed on SEDAR and made available on the Parkland website at www.parkland.ca.

Immediately prior to the closing of the Share Exchange, Simpson Oil held 14,444,050 Parkland Common Shares, representing approximately 9.24% of the issued and outstanding Parkland Common Shares. Following the closing of the Share Exchange, Simpson Oil will hold 34,444,050 Parkland Common Shares, representing approximately 19.54% of the issued and outstanding Parkland Common Shares.

The Share Exchange was completed by way of a private placement. The closing price of the Parkland Common Shares on the last trading day prior to the closing date of the Share Exchange (October 17, 2022) was $29.26 per Parkland Common Share, representing aggregate consideration equal to $585,200,000. 

Simpson Oil acquired the Parkland Common Shares for investment purposes. Subject to compliance with applicable laws, Simpson Oil may from time to time dispose of or acquire additional securities of Parkland.

Parkland's head office address is Suite 1800, 240 4th Avenue SW, Calgary, Alberta, Canada, T2P 4H4. Simpson Oil's head office address is 94 Solaris Avenue - 2nd Floor, PO Box 30745, Camana Bay, Grand Cayman, KY1-1203, Cayman Islands. 

In accordance with NI 62-103, an early warning report will be filed by Simpson Oil on Parkland's SEDAR profile at www.sedar.com. A copy of such report may also be obtained by contacting Kym Zelinski at 1-416-863-2630.

SOURCE Simpson Oil Limited