Business
Saturn Oil & Gas Inc. Announces Results of Substantial Issuer Bid
Calgary, Alberta--(Newsfile Corp. - July 16, 2025) - Saturn Oil & Gas Inc. (TSX: SOIL) (OTCQX...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"Saturn Oil & Gas Inc. Announces Results of Substantial Issuer BidCalgary, Alberta--(Newsfile Corp. - July 16, 2025) - Saturn Oil & Gas Inc. (TSX: SOIL) (OTCQX: OILSF) (\"Saturn\" or the \"Company\"), a light oil-weighted producer focused on unlocking value through the development of our assets in Saskatchewan and Alberta, today announces the final results of our previously announced substantial issuer bid, which expired on July 16, 2025 (the \"Offer\"). In accordance with the terms and conditions of the Offer and based on the final report by Odyssey Trust Company, as depositary for the Offer (the \"Depositary\"), Saturn has taken up and will pay for 1,608,182 common shares (\"Shares\") of the Company at a purchase price of $2.15 per Share, for an aggregate purchase price of $3,457,591 excluding fees and expenses relating to the Offer.The Shares purchased for cancellation under the Offer represent approximately 0.8% of the total number of issued and outstanding Shares as of June 11, 2025, the last full trading day prior to the date the Offer was publicly announced. After giving effect to the Offer, 193,318,469 Shares remain outstanding.As the total number of Shares tendered was less than the total that could have been purchased by Saturn under the terms of the Offer, all Shares validly deposited and not withdrawn will be purchased under the Offer and no proration will be required. Payment for the Shares accepted for purchase under the Offer will occur in accordance with the terms of the Offer and applicable law.To assist shareholders in determining the tax consequences of the Offer, Saturn estimates that based on the estimated paid-up capital of $2.18 per Share on the Expiration Date for purposes of the Income Tax Act (Canada), shareholders who disposed of Shares pursuant to the Offer would not be expected to have received a taxable dividend. Shareholders should consult with their own tax advisors with respect to the income tax consequences of depositing their Shares under the Offer. The Company's NCIB was suspended during the period of the Offer, but Saturn intends to resume our NCIB and continue purchasing Shares thereunder until its expiry on August 26, 2025, or such earlier date on which Saturn has purchased the maximum number of Shares permitted under the NCIB. The Company intends to continue making regular purchases und...