CALGARY, Aug. 8, 2018 /CNW/ - Laricina Energy Ltd. ("Laricina" or the "Company") is pleased to announce that it will today mail to shareholders the directors' circular in respect of the previously announced cash take-over offer by Canadian Natural Resources Limited ("Canadian Natural") for all of the issued and outstanding common shares of the Company at a price of $0.0815 in cash per share, upon the terms and subject to the conditions of the offer (the "Offer"). Canadian Natural has today launched the Offer by mailing the takeover bid circular containing the Offer and other related documents to Laricina shareholders.
As previously announced, the board of directors of the Company, after review and evaluation of the Offer, the terms of the pre-acquisition agreement between the Company and Canadian Natural dated July 25, 2018 and related agreements, and having consulted with its legal and financial advisors, unanimously determined that the Offer is fair, from a financial point of view, to the Laricina shareholders. As such, the board of directors of Laricina unanimously recommends that Laricina shareholders accept the Offer and deposit their Laricina shares to the Offer.
The board of directors of Laricina has agreed to an initial deposit period of 35 days. As such, the Offer will be open for acceptance until 3:00 p.m. (Calgary time) on September 13, 2018. Laricina shareholders wishing to accept the Offer must take action to deposit their Laricina shares.
Copies of the Offer, the takeover bid circular of Canadian Natural and the directors' circular will be available on the Company's website at www.laricinaenergy.com. Questions and requests for assistance may be directed to Computershare Investor Services Inc., the depositary for the Offer, toll free (North America) at 1-800-564-6253.
Laricina a Calgary-based private development-stage oil sands corporation focused on the acquisition, development and commercialization of in situ hydrocarbon resources in Canada's Athabasca oil sands region. A small complement of employees and consultants are continuing the business of the Company under a scaled-back business plan with an emphasis on cost control.
SOURCE Laricina Energy Ltd.
For further information: Enquiries: Laricina Energy Ltd., Diane Koenig, Executive Vice President, (403) 750-0810, Laricina Energy Ltd., East Tower, Fifth Avenue Place, 800, 425 - 1st Street SW, Calgary, AB T2P 3L8