Business
/C O R R E C T I O N from Source -- Result Energy Inc./
/C O R R E C T I O N from Source -- Result Energy Inc./
About this update from Route 109 Resources Inc.
[{"type":"text","content":"\n\n\n\nCALGARY, Mar. 1, 2010 (Canada NewsWire Group) -- /CNW/ -- Result Energy Inc. (TSXV: RTE) is pleased to announce it has obtained an Interim Order of the Court of Queen's Bench of Alberta providing for, among other things, the holding of a meeting of the shareholders of Result (\"Result Shareholders\") to approve the previously announced arrangement under the Business Corporations Act (Alberta) (the \"Arrangement\") involving Result, PetroBakken Energy Ltd. (\"PetroBakken\") and the Result Shareholders.A special meeting of the Result Shareholders will be held in respect of the Arrangement in the Riverview Room at the International Hotel, 220 - 4 Avenue Southwest, Calgary, Alberta, on Monday March 29, 2010 at 9:00 a.m. (Calgary Time). Result is mailing the Information Circular and Proxy Statement respecting the meeting to the Result Shareholders which will also be available for viewing electronically under Result's profile on SEDAR at www.sedar.com.Pursuant to the Arrangement, PetroBakken will acquire all of the issued and outstanding common shares of Result in exchange for, at the election of the Result Shareholders, (a) $0.42 in cash, or (b) 0.013023 of a PetroBakken share, or (c) a combination thereof for each Result share held. The final consideration received by each Result shareholder is subject to proration such that $200 million in cash is paid to Result shareholders in aggregate.Completion of the Arrangement is subject to certain conditions, including the approval of the Result Shareholders, the final approval of the Court of Queen's Bench of Alberta and receipt of all applicable regulatory approvals. If all necessary approvals are obtained and the conditions to the completion of the Arrangement are satisfied or waived, Result anticipates that the Arrangement will become effective on or about April 1, 2010.Macquarie Capital Markets Canada Ltd. has provided the Board of Directors of Result with a written opinion that, as at January 27, 2010, it is of the opinion that the consideration to be received by Result Shareholders under the Arrangement is fair, from a financial point of view, to the Result Shareholders.Result's Board of Directors has unanimously determined that the Arrangement is in the best interests of Result and is fair to the Result Shareholders. The Board of Directors unanimously recommends that the Res...