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Sintana Energy Inc. Provides MI 61-101 Disclosure in Connection with Challenger Acquisition
TORONTO, ON / ACCESS Newswire / January 9, 2026 / Sintana Energy Inc. (TSX-V:SEI)(AIM:SEI)(OT...
About this update from Sintana Energy Inc.
[{"type":"text","content":"Sintana Energy Inc. Provides MI 61-101 Disclosure in Connection with Challenger AcquisitionTORONTO, ON / ACCESS Newswire / January 9, 2026 / Sintana Energy Inc. (TSX-V:SEI)(AIM:SEI)(OTCQX:SEUSF) (\"Sintana\" or the \"Company\") provides, at the request of the TSX Venture Exchange, the following details regarding the requirements of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") in connection with the Company's previously completed acquisition of Challenger Energy Group plc (\"Challenger\") by way of scheme of arrangement that became effective on December 16, 2025 (the \"Transaction\").The Transaction was an Arm's Length Transaction (as defined in the TSXV Policy Manual), other than as a result of the fact that Sintana's CEO, Mr. Robert Bose (i) acted as a director of Challenger and a director and officer of the Company, and (ii) was a direct and indirect shareholder of each of Challenger and the Company, holding less than 10% of the issued and outstanding shares of each such entity prior to closing.Accordingly, the Transaction was exempt from the shareholder approval and valuation requirements of MI 61-101, as (i) Challenger was not a \"related party\" of the Company within the meaning of MI 61-101, and (ii) while Mr. Bose was a \"related party\" of the Company within the meaning of MI 61-101, the exchange of ordinary shares in the capital of Challenger (the \"Challenger Shares\") held by Mr. Bose for common shares in the capital of the Company (the \"Common Shares\") pursuant to the terms of the Transaction was exempt from the valuation and minority shareholder approval requirements of MI 61-101 on the basis that the value thereof, insofar as it involved interested persons, did not exceed 25% of the Company's market capitalization, pursuant to Sections 5.5(a) and 5.7(1)(a) of MI 61-101. The Transaction was also not a \"business combination\" as defined in MI 61-101, as it was not, in respect of the Company, an amalgamation, arrangement, consolidation, or amendment to the terms of a class of equity securities or any other transaction as a consequence of which the interest of a holder of an equity security of the Company may be terminated without the holder's consent, regardless of whether the equity security is replaced with another security.Immediately prior to c...