en.Wedoany.com Reported - Burgess Creek Exploration Inc. announced that Saturn Oil & Gas Inc. (TSX: SOIL, OTCQX: OILSF) has formally launched a tender offer to acquire all issued and outstanding common shares of Burgess Creek capital for a total cash purchase price of C$116 million. Under the terms of the acquisition, holders of common shares (shareholders) are expected to receive cash consideration at an anticipated price of approximately C$0.89 to C$0.91 per share, with the exact amount to be determined based on Burgess Creek's net debt amount, transaction costs, and termination costs. All amounts paid to shareholders will be rounded to the nearest whole cent. The Burgess Creek Board of Directors has unanimously approved the offer and unanimously recommends that shareholders tender their common shares to the offer.
The offer is open for acceptance from today until 5:00 p.m. (Calgary time) on July 24, 2026, unless extended or withdrawn by Saturn. Burgess Creek has determined and declared that the initial offer acceptance period is 35 calendar days, commencing on June 19, 2026. This press release constitutes an "offer acceptance period press release" as defined in National Instrument 62-104.
One of the conditions of the offer is that, at the end of the initial 35-day offer acceptance period, at least 90% of the outstanding common shares have been deposited and not withdrawn. The outstanding common shares required to meet the 90% condition threshold include all common shares issuable upon exercise of Burgess Creek options, minus common shares required to be surrendered under share surrender agreements. All directors, senior officers, and certain other shareholders of Burgess Creek, representing approximately 77.94% of the issued and outstanding common shares (excluding unexercised stock options and certain common shares to be surrendered under existing share surrender agreements), have agreed to tender their common shares to the offer pursuant to lock-up agreements with Saturn and Burgess Creek.
Saturn will mail the offer and takeover bid circular dated June 17, 2026, to shareholders. The Burgess Creek Board of Directors will also mail its director's circular to shareholders on June 19, 2026. Saturn and Burgess Creek entered into a pre-acquisition agreement on June 15, 2026, which sets forth the terms for acquiring all issued and outstanding common shares. Saturn has filed the offer circular with Canadian securities regulators, available on the SEDAR+ platform.
Burgess Creek Exploration Inc. is a private oil and natural gas exploration and production company headquartered in Calgary, Alberta, with operations primarily focused in Saskatchewan and Manitoba.
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