Athabasca Minerals Enters into Agreement to be Acquired by JMAC Energy

Athabasca Minerals Inc. has entered into a definitive arrangement agreement with JMAC Energy Services LLC in which JMAC has agreed to acquire all of the issued and outstanding common shares of Athabasca, other than Athabasca shares already owned or controlled by JMAC, or persons or entities related to JMAC for cash consideration of $0.145 per Athabasca Share. 

The proposed transaction is to be completed by way of a plan of arrangement under the Business Corporations Act (Alberta, Canada). 

Based on the closing price of the Athabasca Shares on the TSX Venture Exchange (TSXV) on Sept. 20, the last trading day prior to the announcement of the transaction, the purchase price represents a 45% premium to the closing price of Athabasca shares and a 45% premium over the volume-weighted average trading price of the Athabasca shares on the TSXV for the last 20 trading days.

“We are pleased to announce this Transaction with JMAC. The Special Committee has diligently considered all potential offers, and options, for the corporation and we believe that this Transaction provides the most advantageous outcome for the securityholders,” said Dana Archibald, chief executive officer of Athabasca.

Further details with respect to the transaction will be included in an information circular to be mailed to securityholders.

Athabasca Minerals is an integrated group of companies focused on the aggregates, industrial minerals and resource sectors, driven by technology to bring improved value to the industry and its customers. Management is continually pursuing opportunities for sustained growth and diversification in supplying aggregate products and industrial minerals.

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