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Epsilon Energy Announces Final Results of Tender Offer (Substantial Issuer Bid)
HOUSTON, July 06, 2020 (GLOBE NEWSWIRE) -- Epsilon Energy Ltd. (NASDAQ: EPSN) (“Epsilon” or the “Company”) announced today the final results of its tender
About this update from Epsilon Energy Ltd.
[{"type":"text","content":"HOUSTON, July 06, 2020 (GLOBE NEWSWIRE) -- Epsilon Energy Ltd. (NASDAQ: EPSN) (“Epsilon” or the “Company”) announced today the final results of its tender offer (substantial issuer bid) to purchase for cash up to 2,000,000 shares of its common shares at a purchase price of US$3.06 per share. The Offer expired at 5:00 p.m., Eastern time, on Tuesday, June 30, 2020.\n Epsilon has accepted for purchase all 2,337,034 properly tendered and not properly withdrawn Common Shares, for an aggregate consideration of US$7,151,324.04 or US$3.06 per share, excluding fees and expenses. The purchase of the Common Shares pursuant to the tender offer will be funded by available cash on hand. These purchased Common Shares represent approximately 8.9% of the Common Shares issued and outstanding at the time the Offer was announced. After giving effect to the cancellation of the Common Shares purchased, 23,796,634 Common Shares will be issued and outstanding. In accordance with the terms and conditions of the Offer and based on a final count by Computershare Trust Company of Canada (the “Depositary”), 2,337,034 Common Shares were properly tendered and not properly withdrawn. As permitted under Rule 13e-4(f) and Rule 14e-1(b) of the Exchange Act, and as stated in its offer to purchase, the Company may elect to take up and pay for 2,000,000 Common Shares plus 2% of its issued and outstanding Common Shares, or an aggregate total of 2,522,673 Common Shares. On July 1, 2020, Epsilon announced that based on the recommendation of the independent Special Committee of the Company’s board of directors, the Company expected to take up and purchase for cancellation 2,337,328 Common Shares, an amount based on the preliminary count by the Depositary. The Company will not take up and purchase for cancellation the 294 Common Shares that the Depositary determined were not properly tendered. The Company tendered the aggregate purchase price for the properly tendered Common Shares to the Depositary in accordance with the Offer and applicable laws. Payment to the shareholders will be completed by the Depositary in due course. This payment will be made in cash, less any applicable taxes and without interest. Any Common Shares invalidly tendered will be promptly returned to the tendering shareholder by the Depositary. The full details of the Offer are described in the offe...