Business
Shell Canada Increases Take-up to 98% of BlackRock Ventures and Extends Offer to July 10, 2006
Shell Canada Increases Take-up to 98% of BlackRock Ventures and Extends Offer to July 10, 2006.
About this update from Mapath Capital Corp
[{"type":"text","content":"\n\n\n\n\nCALGARY, June 27 /CNW/ - Shell Canada Limited (TSX:SHC) announced today\nthat as of 1:01 a.m. on June 27, 2006, approximately 4,319,949 additional\ncommon shares of BlackRock Ventures Inc. (TSX:BVI) have been validly deposited\nto the offer by BR Oil Sands Corporation, a wholly-owned subsidiary of Shell\nCanada, to acquire all of the common shares of BlackRock (including common\nshares issuable upon the exercise or surrender of any options or conversion of\nany convertible debentures). BR Oil Sands Corporation has taken up these\nadditional shares, which, together with those shares previously taken up,\nrepresent approximately 98% of the common shares of BlackRock on a fully-\ndiluted basis. BR Oil Sands Corporation will pay for these additional shares\ntoday by providing the depositary with sufficient funds for transmittal to the\nholders of these shares.\nOn June 16, 2006, Shell Canada, through its wholly-owned subsidiary BR\nOil Sands Corporation, declared its offer to acquire the common shares of\nBlackRock to be wholly unconditional.\nBR Oil Sands Corporation has also extended its offer until 1:01 a.m.\n(Calgary time) on July 10, 2006 to allow BlackRock shareholders an additional\nopportunity to tender their shares, including shares issuable on the\nconversion of the convertible debentures, to its offer. A notice of extension\nwill be mailed to BlackRock shareholders in the coming days.\nUpon completion of a compulsory acquisition or subsequent acquisition\ntransaction, BR Oil Sands Corporation intends to de-list the BlackRock shares\nfrom the Toronto Stock Exchange and cause BlackRock to apply to securities\nregulatory authorities to cease to be a reporting issuer.\nShareholders are encouraged to tender their remaining BlackRock common\nshares, including shares issuable on the conversion of the convertible\ndebentures, to the offer as soon as possible, and in any event prior to July\n10, 2006, to receive prompt payment.\n\nShell Canada Limited\n\nShell Canada is a large Canadian integrated petroleum company with three\nmajor businesses. Exploration & Production explores for, produces and markets\nnatural gas and natural gas liquids. Oil Sands is responsible for an\nintegrated bitumen mining and upgrading operation in the Athabasca area of\nAlberta and the company's Peace River in situ bitumen business. Oil Pr...