CALGARY, Alberta, Nov. 14, 2019 (GLOBE NEWSWIRE) — Pengrowth Energy Corporation (“ Pengrowth ” or the “ Company ”) (TSX:PGF, OTCQX:PGHEF) today announced that, in connection with its previously announced proposed business combination with Cona Resources Ltd. (the “ Purchaser ”), a portfolio company of Waterous Energy Fund (“ WEF ”), by way of a plan of arrangement (the “ Arrangement ”) under the Business Corporations Act (Alberta), Pengrowth and the Purchaser have entered into support agreements (the “ Support Agreements ”) with holders of an aggregate of 93% of the outstanding amounts owing under the Company’s secured notes and credit facility (the “ Secured Indebtedness ”). As previously disclosed, pursuant to the Arrangement, the Purchaser will: (a) acquire all of the outstanding common shares of the Company; and (b) make a cash payment in satisfaction of outstanding Secured Indebtedness of the Company. The Arrangement must be approved by: (i) at least 66 2/3% of the votes cast by the shareholders present in person or by proxy at the special meeting of Pengrowth shareholders; and (ii) a majority in number of the holders of secured notes and the lenders under the credit facility (the “ Secured Debtholders ”) in […]
