Topaz Energy Corp. (TSX:TPZ) entered into a definitive agreement to acquire All Assets of Reserve Royalty Income Trust for CAD 26 million on May 3, 2021. The agreement contains customary representations and warranties of each party and interim operational covenants by Reserve Royalty. If the Written Resolution is not received, the Meeting is expected to be held in May 2021. Certain Unitholders, including all of the directors and officers of the Trust and the largest Unitholders, whose aggregate holdings constitute approximately 51.1% of the outstanding Units have executed hard support agreements in respect of the transaction, pursuant to which they have irrevocably agreed to approve the written resolution and vote in favor of and otherwise support the transaction. The transaction is subject to approval of the transaction from its Reserve Royalty Unitholders by written resolution or, in the event the Written Resolution is not received, at a special meeting of Unitholders expected to be held in May 2021. The transaction will be subject to the approval of at least 66.66% of the votes represented by those units of the Trust entitled to be voted on such resolution by Written Resolution or at the Meeting (voted by Unitholders or by their appointed proxy). After consulting with its financial and legal advisors, among other considerations, the Board has unanimously: (i) determined that the transaction is in the best interests of Reserve Royalty; (ii) determined that the transaction is fair to Unitholders; (iii) approved the agreement and the Transaction; and (iv) resolved to recommend that the Unitholders vote in favor of the transaction. The transaction is subject to various closing conditions, including the required Unitholder Approval, the approval of the Toronto Stock Exchange and certain other regulatory approvals. Closing of the transaction will occur soon after receipt of the requisite Unitholder approval and upon satisfaction of all other customary conditions precedent contained in the agreement. In connection with the transaction, Peters is acting as the Unitholders of Reserve Royalty Income Trust's lead financial advisor, Burnet, Duckworth & Palmer LLP is acting as legal counsel and Computershare Trust Company of Canada is acting as transfer agent and depositary for Unitholders of Reserve Royalty Income Trust. Topaz Energy Corp. (TSX:TPZ) completed the acquisition of All Assets of Reserve Royalty Income Trust on June 1, 2021.