Headwater Exploration Inc. Announces Exercise of Warrants Held by Cenovus Energy Inc.
21 Dezembro 2021 - 10:16PM
PR Newswire (Canada)
CALGARY, AB, Dec. 21, 2021 /CNW/ - Headwater Exploration Inc.
(the "Company" or "Headwater") (TSX:
HWX) announces that it has issued a call notice to
Cenovus Marten Hills Partnership ("CMHP"), a wholly-owned
subsidiary of Cenovus Energy Inc. ("Cenovus"), requiring
CMHP to exercise the 15,000,000 warrants (the "Warrants") to
purchase common shares ("Common Shares") of the Company that
CMHP holds. Each Warrant entitles CMHP to purchase one Common Share
at an exercise price of $2.00.
Headwater and CMHP have agreed that CMHP will exercise the Warrants
on December 23, 2021. On exercise of
the Warrants, Headwater will receive $30,000,000 in cash and CMHP will receive
15,000,000 Common Shares (representing 6.9% of the issued and
outstanding Common Shares). Other than the Warrants, neither CMHP
nor Cenovus hold any additional Common Shares or other securities
of the Company.
The Warrants were issued to CMHP as partial consideration for
the acquisition by Headwater of Cenovus' interest in the Marten
Hills area of Alberta in
December 2020.
SOURCE Headwater Exploration Inc.
Copyright 2021 Canada NewsWire
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