Brief: Prairie Provident Resources To Acquire Marquee Energy Ltd

Prairie Provident Resources

13/09/2018 20:38

Sept 13 (Reuters) - Prairie Provident Resources Inc
 PPR.TO :
    * PRAIRIE PROVIDENT RESOURCES INC. ANNOUNCES STRATEGIC
ACQUISITION
OF MARQUEE ENERGY LTD. TO UNLOCK SIGNIFICANT UNDEVELOPED LIGHT
OIL GROWTH POTENTIAL; CONCURRENT FLOW-THROUGH AND UNIT FINANCING
    * PRAIRIE PROVIDENT RESOURCES - UNDER TERMS OF DEAL, MARQUEE
SHAREHOLDERS WILL RECEIVE 0.0886 OF A PRAIRIE PROVIDENT COMMON
SHARE FOR EACH MARQUEE SHARE
    * PRAIRIE PROVIDENT RESOURCES INC -  TOTAL CONSIDERATION
INCLUDING
MARQUEE'S NET DEBT IS ABOUT $55 MILLION
    * PRAIRIE PROVIDENT RESOURCES INC - ARRANGEMENT WITH MARQUEE
ENERGY LTD INCLUDES A RECIPROCAL BREAK FEE OF $2.5 MILLION
    * PRAIRIE PROVIDENT RESOURCES INC - ALSO ENTERED INTO $3.5
MILLION
BOUGHT-DEAL SHORT-FORM PROSPECTUS EQUITY FINANCING
    * PRAIRIE PROVIDENT RESOURCES INC - ACQUISITION IS ACCRETIVE
TO
PRAIRIE PROVIDENT SHAREHOLDERS ON A FULLY-DILUTED PER SHARE
BASIS
    * PRAIRIE PROVIDENT RESOURCES INC - MARQUEE ENERGY DEAL'S
EXCHANGE
RATIO TRANSLATES TO $0.037 PER MARQUEE COMMON SHARE
    * PRAIRIE PROVIDENT RESOURCES - UPON COMPLETION OF
ARRANGEMENT
WITH MARQUEE ENERGY, CO'S PRODUCTION IS ANTICIPATED TO BE
APPROXIMATELY 7,700 BOE/D
    * PRAIRIE PROVIDENT RESOURCES INC - BOARD OF DIRECTORS OF
PRAIRIE
PROVIDENT AND MARQUEE HAVE BOTH UNANIMOUSLY APPROVED ACQUISITION
    * PRAIRIE PROVIDENT RESOURCES - HAS RECEIVED COMMITMENT
LETTER
FROM PRUDENTIAL CAPITAL GROUP IN RESPECT TO AN EXPANSION OF ITS
CURRENT CREDIT AGREEMENTS
    * PRAIRIE PROVIDENT RESOURCES INC -  PRAIRIE'S BOARD WILL
INCLUDE
ONE ADDITIONAL MEMBER FROM MARQUEE AND WILL BE LED BY PRAIRIE'S
CURRENT CHAIRMAN

Source text for Eikon:  urn:newsml:reuters.com:*:nGNX5PSmCh
Further company coverage:  PPR.TO 

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