This press release is being issued pursuant to section 5.2 of
National Instrument 62-104 -Take-Over Bids and Issuer Bids.
CALGARY, AB, Sept. 30, 2020 /CNW/ - Paramount Resources Ltd.
("Paramount" or the "Company") (TSX: POU) announces that it
acquired direct ownership and control of 17,324,000 common shares
("NuVista Shares") of NuVista Energy Ltd. ("NuVista") (TSX: NVA)
today (the "Transaction") at a price of $0.61 per NuVista Share for an aggregate purchase
price of $10,567,640. The Transaction
was conducted as a block trade through the facilities of the
TSX.
The NuVista Shares acquired pursuant to the Transaction
represented 7.67% of the 225,720,248 NuVista Shares reported by the
TSX to be outstanding as of September
30, 2020. Prior to the Transaction, Paramount had
direct ownership and control of 22,428,142 NuVista Shares,
representing 9.94% of the outstanding NuVista Shares.
Following the Transaction, Paramount has direct ownership and
control over 39,752,142 NuVista Shares, representing 17.61% of the
outstanding NuVista Shares.
The purpose of the Transaction was to increase Paramount's
investment in the NuVista Shares at an attractive price pending
further review and consideration of future plans.
Depending on various factors including, without limitation,
NuVista's financial condition, business, operations and prospects,
the prevailing market price of the NuVista Shares, conditions in
the securities markets, general economic and industry conditions,
the terms and conditions applicable to any potential transaction
and such other factors that Paramount may deem relevant, Paramount
may, subject to applicable laws and regulatory requirements:
(i) acquire additional NuVista Shares or other securities of
NuVista from time to time on the open market, in privately
negotiated transactions or by other means;
(ii) make public or private proposals, whether to NuVista or to
the securityholders of NuVista, relating to the acquisition of all
or a portion of the outstanding NuVista securities it does not own,
including, without limitation, by a corporate transaction such as
an amalgamation or plan of arrangement or by a formal or exempt
take-over bid; and
(iii) dispose of any of the NuVista Shares or other securities
of NuVista it holds from time to time on the open market, in
privately negotiated transactions or by other means.
For inquiries or a copy of the related early warning report in
respect of the Transaction, a copy of which will be filed on
www.sedar.com, please contact:
Paramount Resources Ltd.
Suite 2800, 421 - 7th Avenue S.W.
Calgary, Alberta T2P
4K9
ABOUT PARAMOUNT
Paramount is an independent, publicly traded, liquids-focused
Canadian energy company that explores for and develops both
conventional and unconventional petroleum and natural gas reserves
and resources, including longer-term strategic exploration and
pre-development plays, and holds a portfolio of investments in
other entities. The Company's principal properties are located in
Alberta and British Columbia. Paramount's Class A common
shares are listed on the Toronto Stock Exchange under the symbol
"POU".
SOURCE Paramount Resources Ltd.
