CALGARY, Alberta, Sept. 11, 2018 (GLOBE NEWSWIRE) -- LRP V Luxembourg Holdings S.à r.l. ("LRP V") announces that it has acquired 4,226,641 class A non-voting shares ("Akita Non-Voting Shares") in the capital of Akita Drilling Ltd. in connection with the business combination involving, among other things, the acquisition of all the issued and outstanding common shares ("Xtreme Shares") of Xtreme Drilling Corp. ("Xtreme") by Akita through its wholly owned subsidiary pursuant to a plan of arrangement (the "Arrangement") under section 193 of the Business Corporations Act (Alberta).
Prior to the completion of the Arrangement, LRP V did not own or control any Akita Non-Voting Shares or other securities of Akita. As a result of the Arrangement, LRP V received cash of C$9,409,020 and 4,226,641 Akita Non-Voting Shares representing approximately 11.14% of the issued and outstanding Akita Non-Voting Shares outstanding following the Arrangement in exchange for transferring 14,874,783 Xtreme Shares to Akita under the Arrangement. As a result of the Arrangement, LRP V does not own or control any Xtreme Shares or other securities of Xtreme.
LRP V acquired the Akita Non-Voting Shares for investment purposes and may in the future take such actions in respect of its shareholdings in Akita as it may deem appropriate in light of the circumstances then existing, including the purchase of additional shares or other securities of Akita through open market purchases or private transactions, or the sale of all or a portion of its holdings of Akita in the open market or private transactions.
For further details about LRP V's acquisition of the Akita Non-Voting Shares, see the Early Warning Report dated September 11, 2018 available on Akita's SEDAR profile. For further details about LRP V's disposition of the Xtreme Shares, see the Early Warning Report dated September 11, 2018 available on Xtreme's SEDAR profile. Alternatively, please contact Patrick Lauria, Authorized Representative at LRP V by telephone at +352-264491 for additional information about or to request a copy of the early warning reports filed in connection with this news release.
LRP V's head office is located at 6, rue Eugène Ruppert, L-2453 Luxembourg, Grand-Duchy of Luxembourg.