JMAC Energy Services LLC entered into a definitive arrangement agreement to acquire remaining 80.3% stake in Athabasca Minerals Inc. (TSXV:AMI) for CAD 11.5 million on September 21, 2023. JMAC will acquire all of the issued and outstanding common shares of Athabasca, other than Athabasca Shares already owned or controlled by JMAC, or persons or entities related to JMAC for cash consideration of CAD 0.145 per Athabasca Share. The purchase price is not subject to any financing conditions. Upon closing of the transaction, the Athabasca Shares will be de-listed from the TSXV.

The transaction is subject to approval of Athabasca shareholders, receipt of court approval and certain regulatory approvals. Athabasca board of directors unanimously approved the transaction. Canaccord Genuity Corp. is acting as financial advisor to Athabasca. Evans & Evans, Inc. acted as fairness opinion provider to the special committee of Athabasca. Fasken Martineau DuMoulin LLP acted as legal advisor to Athabasca Minerals Inc.