Storm Resources Ltd.
Dec 15, 2021, 23:02 ET

CALGARY, AB, Dec. 15, 2021 /CNW/ – Storm Resources Ltd. (“Storm” or the “Company”) (TSX: SRX) is pleased to announce that, at a special meeting held today (the “Meeting”), its shareholders and optionholders voted to approve the previously announced transaction (the “Transaction”) with Canadian Natural Resources Limited (“Purchaser”). The Company also announces the Court of Queen’s Bench of Alberta (the “Court”) has granted a final order approving the Transaction.

Storm and Purchaser entered into a definitive agreement on November 9, 2021 (the “Arrangement Agreement“) for the proposed acquisition of Storm by Purchaser under a plan of arrangement, pursuant to which Purchaser will acquire all of the issued and outstanding common shares of Storm for cash consideration of $6.28 per share, subject to the terms and conditions of the Arrangement Agreement.

The total number of shares represented by shareholders present in person and by proxy at the Meeting was 68,393,758, representing approximately 55.81% of Storm’s issued and outstanding common shares. The total number of stock options represented by optionholders present in person and by proxy at the Meeting was 7,405,100, representing approximately 80.32% of Storm’s issued and outstanding stock options.

Holders of the requisite majorities of shares and options voted in favour of the special resolution to approve the Arrangement (the “Arrangement Resolution“) as follows:

Resolution

# Votes For

% Votes For

# Votes Against

% Votes Against

Arrangement Resolution(1)

67,728,548

99.03%

665,210

0.97%

Arrangement Resolution(2)

73,997,848

97.62%

1,801,010

2.38%

Arrangement Resolution(3)

55,788,924

98.82%

665,210

1.18%

Notes:

(1)

More than 662/3% of votes cast by shareholders of Storm present in person or represented by proxy at the Meeting, voted in favour of the Arrangement Resolution, as required by the interim order of the Court.

(2)

More than 662/3% of votes cast by shareholders and optionholders of Storm, voting together as a single class, present in person or represented by proxy at the Meeting, voted in favour of the Arrangement Resolution, as required by the interim order of the Court.

(3)

More than 50% of votes cast by shareholders of Storm present in person or represented by proxy at the Meeting, excluding those shareholders whose votes are required to be excluded pursuant to Section 8.1(2) of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions, voted in favour of the Arrangement Resolution, as required by the interim order of the Court.

Additional information regarding the Transaction is provided in the management information circular of Storm dated November 19, 2021, which is available on the SEDAR website at www.sedar.com under Storm’s profile. The Transaction is expected to close on or about December 17, 2021.

READER ADVISORIES
Certain information in this press release contains forward-looking information that involves risk and uncertainty. For this purpose, any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements often contain terms such as “may”, “will”, “should”, “anticipate”, “expects” and similar expressions. More particularly, and without limitation, this press release contains forward looking information relating to the ability of Storm and Purchaser to satisfy the remaining conditions to, and to complete, the Transaction; and the anticipated timing of the closing of the Transaction. Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Storm assumes no obligation to update forward-looking statements should circumstances or management’s estimates or opinions change. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

SOURCE Storm Resources Ltd.

For further information: Brian Lavergne, President & Chief Executive Officer, (403) 817-6145, www.stormresourcesltd.com