SHANNON, Ireland, Nov. 27, 2019 /CNW/ - This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an Early Warning Report regarding the acquisition of consent warrants ("Consent Warrants") of Delphi Energy Corp. (the "Corporation") upon the implementation of a plan of arrangement involving the Corporation ("Plan of Arrangement"). The Corporation is an Alberta corporation with its securities trading on the Toronto Stock Exchange under the symbol "DEE" and having a head office located at 333 – 7th Avenue SW #2300, Calgary, Alberta, T2P 2Z1.
On November 26, 2019, Luminus Energy IE Designated Activity Company ("Luminus Ireland"), of Rocktwist House, Block 1, Western Business Park, Shannon, Co. Clare, V14 FW97, Ireland, acquired 33,204,500 Consent Warrants pursuant to the implementation of the Plan of Arrangement. The Consent Warrants are exercisable at any time until April 15, 2023 and fifteen (15) Consent Warrants are required to acquire one common share in the capital of the Issuer ("Common Shares") at an exercise price of $2.23 per Common Share.
Immediately prior to the implementation of the Plan of Arrangement, Luminus Ireland owned Nil Consent Warrants and Nil Common Shares. Upon implementation of the Plan of Arrangement, Luminus Ireland acquired ownership of 33,204,500 Consent Warrants, representing approximately 45.2% of the aggregate number of Consent Warrants issued and outstanding. Upon the due exercise of the Consent Warrants, Luminus Ireland will acquire ownership of an aggregate of 2,213,633 Common Shares (representing approximately 12% of the current issued and outstanding Common Shares).
Luminus Ireland acquired the securities for investment purposes. Luminus Ireland may acquire or dispose of additional securities of the Corporation in the future through the market, privately, or otherwise, as circumstances or market conditions warrant.
A copy of the Early Warning Report disclosing the transaction can be obtained on the Corporation's SEDAR profile at www.sedar.com or from Luminus Ireland c/o 1700 Broadway, 26th Floor, New York , NY, 10019 or phone: Shawn Singh at (212) 424-2889 or e-mail [email protected].
SOURCE Luminus Energy IE