The Payment in Kind Transactions will save ClearStream approximately
As Canso currently holds approximately 16% of ClearStream's outstanding common shares, approximately 99.8% of the outstanding Series 1 preferred shares, 100% of the outstanding series 2 preferred shares and 100% of the outstanding Senior Secured Debentures, it is deemed an 'insider' and 'related party' of ClearStream and the Payment in Kind Transactions constitute a 'related party transaction' under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ('MI 61-101'). ClearStream is relying on the financial hardship exemption for both the formal valuation and minority approval requirements of MI 61-101 for the Payment in Kind Transactions.
About
With a legacy of excellence and experience stretching back more than 50 years, ClearStream provides solutions to the Energy and Industrial markets including: Oil & Gas, Petrochemical, Mining, Power, Agriculture, Forestry, Infrastructure and Water Treatment. With offices strategically located across
Contact:
Tel: (587) 318-0997
Email: rwatt@clearstreamenergy.ca
Certain information included in this press release may constitute 'forward-looking information' within the meaning of Canadian securities laws. In some cases, forward-looking information can be identified by terminology such as 'may', 'will', 'should', 'expect', 'plan', 'anticipate', 'believe', 'estimate', 'predict', 'potential', 'continue' or the negative of these terms or other similar expressions concerning matters that are not historical facts. Specifically, this press release contains forward looking information relating to: the amount of interest on the Senior Secured Debentures to be paid in kind; the number of the Senior Secured Debentures to be issued and the principal amount of the Senior Secured Debentures outstanding at
These factors should not be considered exhaustive. Risks and uncertainties about ClearStream's business are more fully discussed in ClearStream's disclosure materials, including its annual information form and management's discussion and analysis of the operating and financial results, filed with the securities regulatory authorities in
This forward-looking information is made as of the date of this press release, and ClearStream does not assume any obligation to update or revise it to reflect new events or circumstances except as required by law. Undue reliance should not be placed on forward-looking information. Forward-looking information is provided for the purpose of providing information about management's current expectations and plans relating to the future.
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