VANCOUVER, Nov. 27, 2019 - This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an Early Warning Report regarding the acquisition of common shares ("Common Shares") of Delphi Energy Corp. (the "Corporation") upon the exchange of equity subscription receipts ("ESRs"). The Corporation is an Alberta corporation with its securities trading on the Toronto Stock Exchange under the symbol "DEE" and having a head office located at 333 – 7th Avenue SW #2300, Calgary, Alberta, T2P 2Z1.
On November 26, 2019, Luminus Delphi Holdings II Ltd. ("Luminus"), of 2200 HSBC Building, 885 West Georgia Street, Vancouver, British Columbia, V6C 3E8, acquired 5,592,768 Common Shares upon the exchange of 5,592,768 ESRs. The acquisition was completed in connection with the satisfaction of the escrow release conditions in the subscription receipt agreement governing the ESRs, including completion of the plan of arrangement pursuant to section 192 of the Canada Business Corporations Act as part of the Corporation's previously announced recapitalization transaction (the "Recapitalization Transaction").
Immediately prior to the acquisition, Luminus owned 43,194,030 (23.28%) Common Shares of the Corporation. Upon closing of the Recapitalization Transaction, inclusive of the consolidation of the Common Shares on a 15:1 basis as contemplated under the Recapitalization Transaction, Luminus now holds 8,472,370 (46%) Common Shares of the Corporation.
Luminus acquired the securities for investment purposes. Luminus may acquire or dispose of additional securities of the Corporation in the future through the market, privately, or otherwise, as circumstances or market conditions warrant.
A copy of the Early Warning Report disclosing the transaction can be obtained on the Corporation's SEDAR profile at www.sedar.com or from Luminus c/o 1700 Broadway, 26th Floor, New York , NY, 10019 or phone: Shawn Singh at (212) 424-2889 or e-mail legal@luminusmgmt.com.
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