Clearview Resources Ltd. has announced the completion of its full sale to a publicly traded oil and gas company for $1.84 per share. The transaction, approved by shareholders on October 10, was carried out through a plan of arrangement under section 193 of the Business Corporations Act (Alberta). All issued and outstanding common shares of Clearview were acquired by the purchaser, whose identity has not been disclosed.
Shareholder and court approval secured
On October 15, the Court of King’s Bench of Alberta issued a final order approving the transaction. Clearview has also initiated procedures to cease being a reporting issuer under Canadian securities laws. The company aims to terminate its public reporting obligations, confirming its withdrawal from regulated markets.
Payment procedures for shareholders
Registered holders of Clearview shares must submit the completed letter of transmittal to Olympia Trust Company, acting as depositary, in order to receive their payment. Non-registered shareholders holding their shares through an intermediary are instructed to follow their broker’s specific instructions to receive the cash consideration to which they are entitled.
Market exit for a junior producer
The deal marks the end of Clearview Resources’ listing, a company engaged in oil and gas exploration and production in Alberta. This exit reflects a trend among mid-sized producers facing sector consolidation and volatility in energy markets.
