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Waterous Energy Fund Announces Cancellation 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.
Waterous Energy Fund Announces Cancellation of Subscription Receipts of Strathcona Resources Ltd. .bwalignc { text-align: center; list-style-position: inside } Waterous Energy Fund Management Corp. (the " WEF Manager "), 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 " WEF Receiptholders ") 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 " WEF Funds "), today announced that on October 10, 2025, the 21,400,000 subscription receipts (the " Subscription Receipts ") of Strathcona Resources Ltd. (TSX: SCR) (the " Issuer ") were cancelled (the " Cancellation ") due to the occurrence of a Termination Event (as defined in the Subscription Receipt Agreement) in accordance with the terms of a subscription receipt agreement dated June 27, 2025 (the " Subscription Receipt Agreement ") among the Issuer, the WEF Receiptholders and Odyssey Trust Company, as subscription receipt agent. In respect of the Cancellation, the WEF Receiptholders are entitled to collectively receive, no later than three (3) business days following the Termination Event, an amount equal to the sum of: (a) $661,688,000, representing the aggregate purchase price for the Subscription Receipts; (b) $12,840,000, representing the aggregate cash dividends per common share of the Issuer (the " Common Shares ") paid between May 29, 2025 and the date of the Termination Event, and (c) the interest and other income received on the investment of the aggregate purchase price of the Subscription Receipts while held in escrow by the subscription receipt agent. Immediately prior to the Cancellation, the WEF Funds collectively owned 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. Following the Cancellation, the WEF Funds collectively own an aggregate ...
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