Cortona Energy Ltd. sells business to Toscana Energy Income

September 21, 2018

On August 28, 2018, Toscana Energy Income Corporation (“Toscana”) (TSX: TEI) acquired Cortona Energy Ltd. (“Cortona”) for approximately $12 million. In this transaction, Toscana purchased 100% of the Class A Shares and Class B Shares of Cortona for an aggregate price of $843,619, where the holders of Class A Shares will receive $1.20 per Class A share, and holders of Class B Shares will receive $1.00 in the aggregate for all of the Class B Shares. In addition, Cortona will repay the current debt of $8 million plus $158,268.82 in respect of unpaid accrued interest and expenses leading up to the closing of the transaction.

Miller Thomson advised Cortona and its shareholders in this transaction, with a team comprised of Kevin Plowman (Financial Services) and Allen Fowlis (Corporate/M&A).