Business
Blue Sky Announces Letter of Intent for Acquisition of Heavy Oil Assets in Alberta
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About this update from Saba Energy Ltd.
[{"type":"text","content":"Blue Sky Announces Letter of Intent for Acquisition of Heavy Oil Assets in Alberta\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n NOT\n \n\n FOR\n \n\n DISTRIBUTION\n \n\n IN\n \n\n THE\n \n\n UNITED\n \n\n STATES\n \n\n OR\n \n\n OVER\n \n\n U.S.\n \n\n NEWSWIRES\n \n\n\n\n Calgary, Alberta –\n \n\n TheNews\n \n\n w\n \n\n ire -\n \n\n August 6, 2024 –\n \n\n Blue Sky Global Energy Corp.\n \n\n (“\n \n\n Blue\nSky\n \n\n ”\n \n\n or\n \n\n the\n \n\n “\n \n\n Company\n \n\n ”)\n \n\n (\n \n\n TSXV:\n \n\n BGE\n \n\n ) is pleased to announce it entered into a\nletter of intent, dated November 27, 2023, with Blue Sky Resources\nInc.\n \n\n (“\n \n\n BSR\n \n\n ”) for the acquisition of 50%  of\ncertain heavy oil assets in Alberta (as further set out below), and\nproposes to acquire such assets pursuant to a definitive purchase\nagreement (“\n \n\n Assets\n \n\n ”) (the “\n \n\n Proposed\n \n\n Acquisition\n \n\n ”). The\nProposed Acquisition is subject to customary closing conditions such\nas due diligence, board approvals, regulatory approvals and is subject\nto approval by the TSX Venture Exchange (the “\n \n\n TSXV\n \n\n ”).\n \n\n\n\n Heavy Oil Assets\n \n\n\n\n The Assets are located in the Cold Lake area of Alberta\nand are made up of approximately 192 hectares (BSG’s 50% net\ninterest) prospective for the exploration of heavy oil. The Assets\nwill continue to be operated by BSR and are being acquired from BSR\nfor a purchase price of $307,839.50 (to be paid in cash), subject to\nadjustments, as may be required by the parties (“\n \n\n Purchase Price\n \n\n ”).\n No shares will be issued as consideration for the Proposed\nAcquisition. The Company has the right to take over operatorship of\nthe assts if and when requisite regulatory approvals are obtained.\n \n\n\n\n The Proposed Acquisition is expected to be considered a\n“related party transaction” for the purposes of Multilateral\nInstrument 61-101 –\n \n\n Protection of Minority Security Holders in Special\nTransactions\n \n\n (“\n \n\n MI 61-101\n \n\n ”) by\nvirtue of the fact that BSR is an Insider of BSG, thereby\nnecessitating that BSG obtain a formal valuation for, and minority\napproval of, the Pro...