ABU DHABI: On September 23, 2021, Canadian Non-Operated Resources GP Inc. in its capacity as general partner, for and on behalf of Canadian Non-Operated Resources L.P. ("CNOR L.P."), a significant shareholder of Pipestone Energy Corp. ("Pipestone"), distributed all of the common share in the capital of Pipestone (the "Common Shares") it held to its limited partners (the "Distribution"), including Amwal Investments LLC ("Amwal"), as a distribution in kind. On the same day, Amwal transferred the Common Shares to its affiliate, Al Mehwar Commercial Investments LLC ("Al Mehwar").
Al Mehwar currently beneficially owns 31,439,809 Common Shares, representing 16.4% of the issued and outstanding Common Shares. Assuming immediate conversion of all convertible preferred shares of Pipestone issued and outstanding, the 31,439,809 Common Shares beneficially owned by Al Mehwar would represent approximately 11.2% of the then issued and outstanding Common Shares.
Al Mehwar has no current plans or intentions which relate to acquisitions or dispositions of Common Shares; however, depending on various factors including, without limitation, the price levels of the Common Shares, conditions in the securities markets and general economic and industry conditions, Al Mehwar's business or financial condition, and other factors and conditions Al Mehwar deems appropriate, Al Mehwar may develop such plans in the future.
An early warning report relating to this transaction will be filed on SEDAR under Pipestone's profile at ww.sedar.com. To obtain a copy of the report, please contact Omar Liaqat at +97126115555. Each of Amwal and Al Mehwar is a limited liability company governed by the laws of the United Arab Emirates and each is indirectly wholly-owned and controlled by the Abu Dhabi Investment Council Company PJSC, which itself is wholly-owned by Mubadala Investment Company PJSC, an institution of the Government of the Emirate of Abu Dhabi. The address of each of Amwal and Al Mehwar is at Al Bahr Towers, Sheikh Zayed Bin Sultan Street, Abu Dhabi, P.O. Box 61999, United Arab Emirates. The head office of Pipestone is located at 3700, 888 3rd Street SW, Calgary, Alberta, T2P 5C5.
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
