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Waterous Energy Fund Announces Purchase of Subscription Receipts of Strathcona Resources Ltd.
Waterous Energy Fund Management Corp. (the " WEF Manager "), in its capacity as manager of Wa...
About this update from Strathcona Resources Ltd.
[{"type":"text","content":"Waterous Energy Fund Announces Purchase of Subscription Receipts of Strathcona Resources Ltd.\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n \n\n\n\n Waterous Energy Fund Management Corp. (the \"\n \n WEF Manager\n \n \"), in its capacity as manager of Waterous Energy Fund III (Canadian) LP, Waterous Energy Fund III (US) LP, Waterous Energy Fund III (International) LP, Waterous Energy Fund III (Canadian FI) LP and Waterous Energy Fund III (International FI) LP (collectively, the \"\n \n WEF Receiptholders\n \n \") and as manager of certain other limited partnerships, including but not limited to, Waterous Energy Fund (Canadian) LP, Waterous Energy Fund (US) LP, Waterous Energy Fund (International) LP and Waterous Energy Fund II Aggregator LP (together with the WEF Receiptholders and certain other entities managed by the WEF Manager, the \"\n \n WEF Funds\n \n \"), today announced that on June 27, 2025 the WEF Receiptholders have purchased 21,400,000 subscription receipts (the \"\n \n Subscription Receipt\n \n \") of Strathcona Resources Ltd. (TSX: SCR) (the \"\n \n Issuer\n \n \"), at a price of $30.92 per Subscription Receipt, for an aggregate purchase price of $661,688,000.00 (the \"\n \n Investment\n \n \"). Immediately prior to the completion of the Investment, the WEF Funds collectively owned an aggregate of 170,536,718 common shares of the Issuer (the \"\n \n Common Shares\n \n \"), representing approximately 79.6% of the issued and outstanding Common Shares. Following the completion of the Investment, the WEF Funds collectively own an aggregate of 170,536,718 Common Shares, representing approximately 79.6% of the issued and outstanding Common Shares, and 21,400,000 Subscription Receipts, representing all of the issued and outstanding Subscription Receipts.\n \n\n The Subscription Receipts were purchased and are being held by the WEF Receiptholders for investment purposes and in connection with the Issuer's proposed acquisition of all of the issued and outstanding common shares of MEG Energy Corp. (TSX: MEG) not already owned by the Issuer or its affiliates, by way of a formal take-over bid (the \"\n \n Offer\n \n \"). The proceeds from the Investment will be used to partially fund the cash consideration payable by the Issuer under the Offer. The completion of the Offer remains subject to the satisfa...