CALGARY, Nov. 26, 2018 /CNW/ - Crimson Energy Ltd.
("Crimson") reports that it has filed an updated Early
Warning Report in accordance with the requirements of applicable
securities laws in respect of its shareholdings of Pulse Oil Corp.
(TSX Venture Exchange: PUL) ("Pulse").
Crimson is a corporation existing under the Business
Corporations Act (Alberta).
Crimson's head office is located at Suite 800, 2424 –
4th Street SW, Calgary,
Alberta, T2S 2T4. Crimson is a producer of light oil,
natural gas, and natural gas liquids in Alberta.
On August 17, 2018, Crimson filed
an early warning report under Pulse's profile on the System for
Electronic Document Analysis and Retrieval ("SEDAR")
announcing that Crimson was the registered owner of an aggregate of
9,412,025 common shares in the capital of Pulse ("Pulse
Shares"), at that time representing approximately 10.64% of the
issued and outstanding Pulse Shares (based on the number of Pulse
Shares reported outstanding by Pulse in its management's discussion
and analysis dated May 30, 2018).
Since its August 17, 2018 report
Crimson has not disposed of or otherwise traded any of its Pulse
Shares.
In a material change report dated as of November 20, 2018, as filed under Pulse's profile
on SEDAR on November 21, 2018, Pulse
reported the closing of a public offering (including the exercise
of an over-allotment option) and concurrent private placement
(together, the "Offerings"), pursuant to which Pulse raised
aggregate gross proceeds of $11,300,520 and issued 11,137,600 flow-through
common shares and an aggregate of 43,977,364 units (such units
being comprised of one Pulse Share and one-half of one Pulse Share
purchase warrant).
As a result of these recent Pulse issuances, Crimson's overall
registered ownership interest in the Pulse Shares now falls well
below the 10% level. As reported in its final short form prospectus
dated November 12, 2018 as filed on
SEDAR, as at June 30, 2018 after
giving effect to the Offerings, Pulse would have had 144,518,683
Pulse Shares issued and outstanding. As a result, based on the
Pulse disclosure, Crimson's 9,412,025 Pulse Shares now represent
approximately 6.51% of the issued and outstanding Pulse Shares.
At this time, Crimson remains subject to the terms of an interim
order of the Court of Queen's Bench of Alberta which provides, among other things,
that Crimson may not trade or distribute the Pulse Shares held by
Crimson, other than to distribute such Pulse Shares to Crimson's
own shareholders (provided such would not be a violation of
applicable law). The terms of the interim order provide, among
other things, that it will remain in effect until such time as
certain disputes between Crimson and Pulse relating to the
Agreement are finally determined or settled. The interim order does
not restrict Crimson's voting or other shareholder rights
respecting the Pulse Shares.
Further information respecting the Issuance and Dispositions is
included in an Early Warning Report filed by Crimson dated as of
the date hereof under Pulse's profile on SEDAR (www.sedar.com).
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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SOURCE Pulse Oil Corp.
