This press release is being issued pursuant to section 5.2 of National Instrument 62-104 -Take-Over Bids and Issuer Bids.
CALGARY, Nov. 15, 2019 /CNW/ - James H. T. Riddell ("J. Riddell"), Chairman and President and Chief Executive Officer of Paramount, has acquired an additional 3,750,000 class A common shares ("Common Shares") of Paramount Resources Ltd. ("Paramount"). The acquisition was made as part of a private placement of an aggregate 5,648,499 flow-through Common Shares completed by Paramount today (the "Private Placement"). The Common Shares were acquired at price of $6.65 per share for total consideration of $24,937,500. The acquisition was made through Treherne Resources Ltd., a company over which J. Riddell exercises voting control or direction.
The Common Shares acquired represent approximately 2.8% of the 133,938,717 Common Shares outstanding following the completion of the Private Placement. J. Riddell now owns, or controls or directs, approximately 25.52% of the issued and outstanding Common Shares (inclusive of 280,000 vested options to acquire Common Shares). Prior to the acquisition and the completion of the Private Placement, J. Riddell owned, or controlled or directed, approximately 23.73% of the then issued and outstanding Common Shares (inclusive of 280,000 vested options to acquire Common Shares).
The Common Shares were acquired for investment purposes. Depending on the evolution of Paramount's business, financial condition, the market, if any, for Paramount's securities, general economic conditions and other factors, J. Riddell may acquire additional Paramount securities, or sell Paramount securities he owns, controls or directs, in the open market, by private agreement or otherwise, subject to market conditions and other relevant factors.
SOURCE James H. T. Riddell
For further information: For inquiries or a copy of the related early warning report in respect of Paramount, a copy of which is filed on www.sedar.com, please contact: James H. T. Riddell, c/o Paramount Resources Ltd., Suite 2800, 421 - 7th Avenue S.W., Calgary, Alberta T2P 4K9