CALGARY, Sept. 8, 2017 /CNW/ - Trilogy Energy Corp. (TSX: TET) ("Trilogy") is pleased to announce that it has obtained the necessary shareholder approvals to proceed with the arrangement under the Business Corporations Act (Alberta) pursuant to which Trilogy is to merge with Paramount Resources Ltd. ("Paramount"). At the special meeting of Trilogy shareholders held today, the shareholders passed a special resolution approving the arrangement, with over 92% of the total votes cast and over 81% of the votes cast under the minority approval requirements being in favour of the arrangement.
The shareholders of Paramount also approved the merger at a special meeting of Paramount shareholders held today. The merger remains subject to court approval, which Trilogy is scheduled to seek on Monday, September 11, 2017. If court approval is obtained, closing of the merger is anticipated to occur on September 12, 2017. Under the merger, Trilogy shareholders will receive one Paramount share for every 3.75 Trilogy shares held.
Trilogy is a petroleum and natural gas-focused Canadian energy corporation that actively develops, produces and sells natural gas, crude oil and natural gas liquids. Trilogy's geographically concentrated assets are primarily high working interest properties that provide abundant low-risk infill drilling opportunities and good access to infrastructure and processing facilities, many of which are operated and controlled by Trilogy. Trilogy's common shares are listed on the Toronto Stock Exchange under the symbol "TET".
SOURCE Trilogy Energy Corp.
For further information: J.H.T. (Jim) Riddell, Chief Executive Officer, J.B. (John) Williams, President and Chief Operating Officer, M.G. (Mike) Kohut, Chief Financial Officer; Trilogy Energy Corp., #1400, 332 - 6th Avenue S.W., Calgary, Alberta T2P 0B2, Phone: (403) 290-2900, Fax: (403) 263-8915