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Epsilon Energy Announces Preliminary Results of Tender Offer (Substantial Issuer Bid)
HOUSTON, July 01, 2020 (GLOBE NEWSWIRE) -- Epsilon Energy Ltd. (NASDAQ: EPSN) (“Epsilon” or the “Company”) announced today that based on the recommendation of
About this update from Epsilon Energy Ltd.
[{"type":"text","content":"HOUSTON, July 01, 2020 (GLOBE NEWSWIRE) -- Epsilon Energy Ltd. (NASDAQ: EPSN) (“Epsilon” or the “Company”) announced today that based on the recommendation of the independent Special Committee of the Company’s board of directors, the Company expects to take up and purchase for cancellation all 2,337,328 Common Shares properly tendered and not withdrawn, for an aggregate consideration of US$7,152,223.68 or $3.06 per share, excluding fees and expenses relating to its Offer that expired at 5:00p.m., Eastern time, on June 30, 2020. The purchase of the Common Shares pursuant to the tender offer will be funded by available cash on hand. \n The Common Shares expected to be purchased under the Offer 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 by the Company under the Offer, 23,796,340 Common Shares are expected to be issued and outstanding. In accordance with the terms and conditions of the Offer and based on a preliminary count by Computershare Trust Company of Canada (the “Depositary”), 2,337,328 Common Shares were properly tendered and not properly withdrawn, including 12,585 Common Shares that were tendered through notice of guaranteed delivery. The number of shares conditionally tendered was 250 based on the preliminary count by the Depositary. As permitted under Rule 13e-4(f) and Rule 14e-1(b) of the Exchange Act, 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. The number of Common Shares tendered and not withdrawn is preliminary: it is subject to verification by the Depositary and the proper delivery of all Common Shares tendered (including shares tendered pursuant to guaranteed delivery procedures). After the guaranteed delivery period and completion of the verification process, the actual number of Common Shares properly tendered and not properly withdrawn will be promptly announced. Promptly after this announcement, the Depositary will issue payment for those Common Shares properly tendered and accepted under the Offer, and the Depositary will return all other tendered Common Shares. Payment for Common Shares will be made in cash, without interest. Epsilon may, in the fu...