TORC Oil & Gas (TOG-V) shareholders OK rollback
Sept 5, 2013 - News Release
At a special meeting of its shareholders held today, TORC Oil & Gas Ltd. has received the requisite approvals in connection with the previously announced: (i) private placement of subscription receipts to the Canada Pension Plan Investment Board (CPPIB), (ii) amendment of TORC's articles to permit the payment of stock dividends on TORC's common shares, (iii) consolidation on the basis of one postconsolidation TORC share for every five preconsolidation TORC shares, and (iv) adoption of TORC's share award incentive plan.
It is expected that the acquisition of light oil and liquids-weighted assets in southeast Saskatchewan that was announced on July 16, 2013, will be completed on Sept. 9, 2013, upon which all subscription receipts issued pursuant to the CPPIB investment and the previously announced prospectus offering will be converted to TORC shares. TORC intends to effect the consolidation on Sept. 10, 2013, and letters of transmittal will be mailed to TORC registered shareholders concurrently. It is anticipated that the TORC shares will trade on a postconsolidated basis on the Toronto Stock Exchange shortly thereafter.
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