Sonde Resources Corp. has received the requisite shareholder and court approval for its previously announced plan of arrangement (the "Arrangement") with Marquee Energy Ltd. and that the Arrangement has now been completed.
Pursuant to the Arrangement, Marquee acquired substantially all of the Western Canada assets of Sonde, including all of its Southern Alberta properties (the "Assets"). The Assets are primarily located in Marquee's core area at Michichi, Alberta immediately offsetting Marquee's lands and production. Pursuant to the Arrangement, Sonde received 21,182,492 common shares of Marquee (the "Marquee Shares") plus $15 million cash. The Marquee Shares were distributed to Sonde's shareholders in accordance with the terms and conditions of the Arrangement. Sonde retained the cash received.