Business
Early Warning Report in Accordance with National Instrument 62-103
(TheNewswire) MAY 30, 2024 – TheNewswire – Ilyas Chaudhary, as Tr...
About this update from Saba Energy Ltd.
[{"type":"text","content":"Early Warning Report in Accordance with National Instrument 62-103\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n MAY 30, 2024\n \n \n –\n \n \n TheNewswire –\n \n \n Ilyas\nChaudhary, as Trustee to the\n \n \n Chaudhary Trust\nDated September 5, 2013 (\"\n \n \n Chaudhary Trust\n \n \n \")\n \n \n issues this press release pursuant to Part 3 –\n \n \n Early Warning Requirements\n \n \n of National Instrument 62-103 with respect to Blue Sky\nGlobal Energy Corp. (the \"\n \n \n Corporation\n \n \n \").\n \n \n \n \n \n \n \n \n On May 28, 2024,\n \n \n \n \n the Chaudhary Trust dated September 5, 2023 was issued\n49,239,640\n \n \n common shares at a price of $0.4642\nper Common Share as part of and in connection with the Corporations\nacquisition from Blue Sky Resources Ltd. (“\n \n \n BSR\n \n \n ”) of a 50%\nnon-operating interest in certain oil and gas assets owned by BSR that\nare located in Northeastern British Columbia (“\n \n \n BSR BC Assets\n \n \n ”) and\n100% of the shares of Blue Sky Paus Ltd., that holds a Production\nSharing Contract over offshore waters near Indonesia that may be\nprospective for oil and gas exploration (“\n \n \n BSR Indonesian Assets\n \n \n ”)\n \n \n (collectively, the “\n \n \n Acquisition\n \n \n ”).\n \n \n \n \n Furthermore, a share consolidation of the Corporation\non the basis of one (1) new share for every five (5) old common shares\nhas been completed effective May 24, 2024 (the “\n \n \n Consolidation\n \n \n ”).\nFollowing the Consolidation and the Acquisition, the Corporation has\n69,693,659 common shares issued and outstanding and pursuant to the\nAcquisition 49,239,640 of these shares were issued at a deemed price\nof  $0.4642 and are owned by the Chaudhary Trust, subject to\n‘deferred consideration shares’ that were issued to Chaudhary\nTrust on closing of the Acquisition but are restricted and not\nreleasable until such time as the capitalization of the Corporation\nchanges so as to maintain TSXV public float requirements. On closing\nof the Acquisition, 5,070,146 Company shares were issued to Chaudhary\nTrust and are held in escrow and releasable pursuant to a TSXV Form 5D\n– Value Escrow Agreement (“\n \n \n Escrow Agreement\n \n \n ”) and the ...