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Toscana Energy and i3 Energy Complete Arrangement

Toscana Energy Income Corporation
·4-min read

CALGARY, Alberta, Oct. 30, 2020 (GLOBE NEWSWIRE) -- i3 Energy plc (i3 Energy) (AIM: I3E) and Toscana Energy Income Corporation (Toscana or the Company) (TSX: TEI) are pleased to announce that the previously announced transaction (Transaction) pursuant to which i3 Energy will acquire all of the issued and outstanding shares in the capital of Toscana (Toscana Shares) has been successfully completed.

In connection with the Transaction, an aggregate of 4,399,215 ordinary shares in the capital of i3 Energy (i3 Shares) were issued to Toscana shareholders in exchange for their Toscana Shares on the basis of 0.03031261 of an i3 Share for each Toscana Share. Following completion of the Transaction, an aggregate of 700,054,815 i3 Shares are issued and outstanding.

Also in connection with the Transaction, i3 Energy made application and was conditionally approved for the listing of the i3 Shares on the Toronto Stock Exchange (the TSX), subject to i3 Energy satisfying the listing requirements set out in the conditional approval letter issued by the TSX (the TSX Letter). It is anticipated that the Toscana Shares will be delisted from the TSX at the close of the markets on November 5, 2020 and the i3 Shares will commence trading on the TSX at the opening of the markets on November 6, 2020 under the symbol “ITE”. Former Toscana shareholders that have questions about their Toscana Shares that have been exchanged for i3 Shares should contact the depositary, Odyssey Trust Corporation, at 1-587-885-0960 or for more information.

In connection with the Transaction, the board of directors of Toscana resigned and a new board of directors was appointed. The new board of directors of Toscana is comprised of Majid Shafiq, Chief Executive Officer of i3 Energy, and Graham Heath, Chief Financial Officer of i3 Energy.

About i3 Energy

i3 Energy is an independent oil and gas company incorporated under the laws of the United Kingdom in 2014. It remains focused on the development and production of high return hydrocarbon fields and discoveries.

For further information, please contact:
Tel: +44 20 3757 4980


Forward-Looking Information

Certain statements contained in this press release constitute forward-looking statements or forward-looking information under applicable securities legislation. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", or similar words suggesting future outcomes or statements regarding an outlook.

Specific forward-looking statements in this press release include, but are not limited to statements regarding the listing of the i3 Shares on the TSX and the timing in connection therewith, completion of the requirements set out in the TSX Letter and the timing in connection therewith and the delisting from the TSX of the Toscana Shares and the timing in connection therewith. Such information reflects Toscana’s current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, without limitation: the impact of any changes in the laws and regulations in the jurisdictions in which the Company operates.

Although Toscana believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements or information because Toscana can give no assurance that such expectations will prove to be correct. The forward-looking statements and information are based on Toscana’s current expectations, estimates and projections, and are subject to a number of significant risks and uncertainties that could cause actual results to differ materially from those anticipated. Such risks and uncertainties include, among others: necessary approvals from the Toronto Stock Exchange in respect of the listing of the i3 Energy Shares may not be received or received in a timely fashion; general business and economic conditions; the overall performance of the stock market(s); actions of competitors and partners; and the regulatory environment. The foregoing is not exhaustive and other risks are detailed from time to time in other continuous disclosure filings of Toscana. Should one or more of the uncertainties or risks materialize, or should assumptions underlying the forward-looking statements or information prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected. These forward-looking statements contained herein are made as of the date of this press release and in each, case are expressly qualified by this cautionary statement. Toscana does not intend to nor does it assume any obligation to update publicly or revise any of the forward-looking statements, whether as a result of new information, subsequent events or otherwise, except as required by applicable laws. Toscana cautions readers not to place undue reliance on these statements.

SOURCE: Toscana Energy Income Corporation