January 11, 2017
Alberta Oilsands Inc. (“AO”) held oilsands licences in the vicinity of Fort McMurray, Alberta. In 2015, AO received approximately $35 million from the Province of Alberta as a result of the cancellation of these licences. Smoothwater Capital Corporation (“Smoothwater”), a significant shareholder of AO, urged AO to distribute this money to its shareholders.
However, AO began having discussions with Marquee Energy Ltd. (“Marquee”) with respect to a possible merger of the companies. Marquee held a number of oil and gas assets, but had insufficient capital resources to develop these assets.
Both AO and Marquee were incorporated under the Business Corporations Act (Alberta) (the “ABCA”) and listed on the TSX Venture Exchange (the “TSXV”).
In July 2016, Smoothwater was informed by AO that AO and Marquee had entered into a letter of intent regarding...
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