Waterous Energy Fund closes $257.6M privatization of Cona Resources

Waterous Energy Fund (WEF), through Waterous Energy Fund (International) L.P. and Waterous Energy Fund (Canadian) L.P., has completed previously announced privatization of Cona Resources Ltd. (TSX: CONA) at $2.55 per Cona common share, valuing Cona’s total equity at $257.56 million.

Pursuant to the plan of arrangement, WEF acquired 33,263,412 common shares for $84.82 million to minority shareholders. WEF previously owned or controlled 67,742,345 common shares, now owns 101,005,757 common shares, which represents 100% of the issued and outstanding common shares.

CIBC World Markets Inc. and Norton Rose Fulbright Canada LLP act as financial and legal advisor to Cona Resources.

photo credit: Cona Resources

News Release

WATEROUS ENERGY FUND ANNOUNCES COMPLETION OF GOING PRIVATE TRANSACTION WITH CONA RESOURCES LTD.

Calgary, Alberta (May 22, 2018) – Waterous Energy Fund announced that certain of its affiliates, Waterous Energy Fund (International) L.P. and Waterous Energy Fund (Canadian) L.P. (collectively, “WEF”), have acquired all of the common shares (“Common Shares”) of Cona Resources Ltd. (“Cona”) not previously owned by WEF pursuant to a plan of arrangement under the Business Corporations Act (Alberta) (the “Plan of Arrangement”). WEF previously owned or controlled 67,742,345 Common Shares of Cona (representing approximately 67% of the outstanding Common Shares). Upon completion of the Plan of Arrangement, WEF acquired 33,263,412 Common Shares. WEF now owns 101,005,757 Common Shares, which represents 100% of the issued and outstanding Common Shares. Under the terms of the Plan of Arrangement, WEF paid $2.55 in cash per Common Share to the shareholders of Cona, other than WEF.

Additional details relating to the Plan of Arrangement may be found in Cona’s news release dated May 18, 2018. Cona’s head office is located at: Suite 1900, 421 ‐ 7 Avenue SW, Calgary, Alberta T2P 4K9.

This news release has been disseminated in accordance with the early warning requirements of Canadian securities laws, including National Instrument 62‐103 The Early Warning System and Related Take‐Over Bid and Insider Reporting Issues, to reflect the change in WEF’s ownership of the Common Shares.

About Waterous Energy Fund

Waterous Energy Fund is a Calgary headquartered private equity firm pursuing investments in the oil and gas space.

For further information please contact:
Adam Waterous
Waterous Energy Fund
Suite 600, 301 8th Avenue SW
Calgary, AB T2P 1C5
info@waterous.com
(403) 930‐6048

Waterous Energy Fund (International) L.P.
Suite 600, 301 8th Avenue SW
Calgary, AB T2P 1C5

Waterous Energy Fund (Canadian) L.P.
Suite 600, 301 8th Avenue SW
Calgary, AB T2P 1C5


Ted Liu
Ted Liu, M.Sc. (Mining), MBA (Finance), is the Editor of Private Capital Journal, TechnologyMetals.ca, GoldSilverMetals.ca, and former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA). Ted was the architect of CVCA infobase, and is the architect of sophisticated and advanced CPE Media Private Capital Dealbase. Ted is President of CPE Media Inc., Canada's independent, trusted and unbiased data provider tracking Canadian VC/PE, private capital industry and public market.
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