CALGARY, AB, July 23, 2020 /CNW/ - Oryx Petroleum
Corporation Limited ("Oryx Petroleum" or the "Corporation") today
announces the closing of the settlement of an outstanding loan,
initially announced on June 22, 2020.
All dollar amounts set forth in this news release are in
United States dollars.
The Corporation and AOG International Holdings Limited ("AOG")
have settled in full the loan from AOG through the transfer by the
Corporation to AOG of the shares of OP AGC Central Limited, the
former wholly-owned subsidiary of the Corporation that holds the
interest in the AGC Central license area (the "Loan Settlement").
The loan balance (including accrued and unpaid interest) at the
time of settlement amounted to $80,502,266.
As required by the special committee of the board of directors
of the Corporation constituted to consider the Loan Settlement, a
fairness opinion has been obtained. Clarus Securities Inc. reviewed
the terms of the transaction and, in a report to the Corporation
dated July 6, 2020, concluded that,
at the date of their report, the consideration to be received by
Oryx Petroleum in connection with the Loan Settlement is fair, from
a financial point of view, to the shareholders of Oryx
The Toronto Stock Exchange (the "TSX") had, on July 6, 2020, conditionally approved the Loan
Settlement and confirmed, on the basis of financial hardship, that
it would grant relief from the disinterested security holder
approval and independent valuation requirements of the TSX Company
Manual that would otherwise apply to the transaction. In connection
with granting such relief, the TSX has initiated a delisting
review, which is normal practice when a listed issuer seeks to rely
on the financial hardship exemption. The TSX has scheduled a
hearing date of October 27, 2020 to
consider the matter.
ABOUT ORYX PETROLEUM CORPORATION LIMITED
Oryx Petroleum is an international oil exploration, development
and production company focused in the Middle East. The Corporation's shares are
listed on the Toronto Stock Exchange under the symbol "OXC". Oryx
Petroleum has interests in and is the operator of the Hawler
license area located in the Kurdistan Region of Iraq. Further information about Oryx Petroleum
is available at www.oryxpetroleum.com or under Oryx Petroleum's
profile at www.sedar.com.
SOURCE Oryx Petroleum Corporation Limited