(Frontera, 25.Jul.2022) — Frontera Energy Corporation (TSX: FEC) has extended the expiry time of its offer to purchase from shareholders up to $65mn (equivalent to US$50mn) of its outstanding common shares (the “Shares”) for cancellation from 11:59 p.m. (Eastern time) on 29 July 2022 to 11:59 p.m. (Eastern time) on 8 August 2022, unless the offer is further extended, varied or withdrawn by the company. There are no additional changes to the terms of the offer.
In light of the company’s recent announcement on 22 July 2022, regarding a farm-in transaction with CGX Energy Inc., Frontera has extended the expiry time of the offer in order to provide shareholders with sufficient time to decide whether to participate in the offer.
As previously announced, the offer will proceed by way of a “modified Dutch auction” procedure with a tender price range from $11 to $13 per Share. The company plans to fund repurchases of Shares through available cash on hand. Unless otherwise stated, the offer is denominated in Canadian dollars, and shareholders will have the option to elect to receive payment in either Canadian or United States dollars.
For more information about the offer, please see the company’s 20 June 2022 press release. The terms and conditions of the offer, including instructions for tendering Shares, have been included in the formal offer to purchase and issuer bid circular, letter of transmittal and notice of guaranteed delivery (which are available without charge on SEDAR at www.sedar.com), as amended by a notice of variation dated as of the date hereof, which will be filed on SEDAR at www.sedar.com as soon as practicable.
The company will be mailing the Notice of Variation to all shareholders to whom the Offer materials were required to be sent as soon as practicable. Any questions or requests for assistance in tendering Shares to the offer may be directed to Computershare Investor Services Inc., the depositary for the offer.
Frontera To Resume Normal Course Issuer Bid Following Completion of the Substantial Issuer Bid
Following completion of the Substantial Issuer Bid, Frontera will resume its previously announced Normal Course Issuer Bid (“NCIB”) for the purchase of up to 4,787,976 common shares, representing ~10% of the Company’s public float during the 12-month period commencing March 17, 2022, and ending 16 March 2023. As of 2 May 2022, Frontera had purchased for cancellation 1,246,400 common shares through its current NCIB.
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