/NOT FOR DISTRIBUTION TO U.S NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE U.S./
CALGARY,
AB, July 7, 2023 /CNW/ - Wolverine Energy and
Infrastructure Inc. (the "Company" or "Wolverine")
(TSXV: WEII) is pleased to announce that is has resold 551,000
common shares (the "Shares") of Green Impact Partners Inc, 2207 4th
Street SW, Calgary, Alberta T2S
1X1 (TSXV: GIP) at a price of Cnd$8.80 per Share, for proceeds of
Cnd$4.8 million (the "Transaction"). The Shares were resold by way
of an unsolicited block trade. Wolverine has been a shareholder of
GIP since its inception in May 2021.
After closing of the Transaction, Wolverine still holds 4,506,879
common shares of GIP, representing approximately 22% of the issued
and outstanding common shares on a diluted and non-diluted
basis.
Closing of the Transaction occurred on June 28, 2023. No finder's fee is payable in
connection with the Transaction and the net proceeds will be used
to advance the Company's ongoing operations.
The Company also announces the resignation of Dirk LePoole from the Board of Directors for a
personal sabbatical, effective immediately. The Company sincerely
thanks Mr. LePoole for his valued contribution to Wolverine over
the past five years and wishes him success in all future
endeavors.
Early-Warning Reporting Matters
As a result of the Transaction, Wolverine disposed of ownership
and control of 551,000 common shares or approximately 2.59% of the
issued outstanding securities of GIP. Upon completion of the
Transaction, Wolverine holds 4,506,879 common shares, being
approximately 22% of the issued and outstanding common shares on
a diluted and non-diluted basis. In accordance with applicable
securities laws and subject to applicable stock exchange
requirements, Wolverine may from time to time and at any time
directly or otherwise, increase or decrease their ownership,
control or direction of common shares and/or other equity, debt
or other securities or instruments of the GIP in the open market,
by privately negotiated agreement, or otherwise. A copy of the
Early Warning Report in relation to Wolverine's disposition in the
Transaction will be filed on www.SEDAR.com.
About Wolverine Energy and Infrastructure
Wolverine is a diversified energy and infrastructure services
provider headquartered in Calgary,
Alberta with over 70 years of operating history. Wolverine
commenced active business operations through its predecessor
entity, Rig Service Equipment Ltd., in 1952 as an oilfield service
provider. Over the course of its history, the Wolverine group of
companies has pursued a strategy combining organic growth and
strategic acquisitions. Today, Wolverine is a full-service,
diversified energy and infrastructure service company. Wolverine's
operations are based in Western
Canada and the United
States. Wolverine believes it is strongly positioned to
consolidate as a buyer or divest as a seller of both energy
services equipment and infrastructure assets in a highly fragmented
energy services market, while diligently focusing on return on
capital deployed, market diversification and maintaining a focus on
best-in-class services throughout the full life cycle of our
clients' diverse projects.
Cautionary Statements
This news release shall not constitute an offer to sell or
the solicitation of an offer to buy the securities in any
jurisdiction.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This news release contains forward-looking statements and/or
forward-looking information (collectively, "forward-looking
statements") within the meaning of applicable securities laws. When
used in this release, the words "would", "will" and similar
expressions, as they relate to Wolverine or its management, are
intended to identify such forward-looking statements. Such
forward-looking statements reflect the current views of Wolverine
with respect to future events, and are subject to certain risks,
uncertainties and assumptions. Many factors could cause Wolverine's
actual results, performance or achievements to be materially
different from any expected future results, performance or
achievement that may be expressed or implied by such
forward-looking statements. In particular, this news release
contains or implies forward-looking statements pertaining to the
use of proceeds from the Transaction. These forward-looking
statements are subject to numerous risks and uncertainties,
including but not limited to: the impact of general economic
conditions in Canada and
the United States; industry
conditions including changes in laws and regulations including
adoption of new environmental laws and regulations, and changes in
how they are interpreted and enforced, in Canada and the
United States; competition; lack of availability of
qualified personnel; obtaining required approvals of regulatory
authorities, in Canada and
the United States; volatility in
market prices for oil and gas; fluctuations in foreign exchange or
interest rates; environmental risks; changes in income tax laws or
changes in tax laws and incentive programs relating to the oil
industry; ability to access sufficient capital from internal and
external sources; risk that the board of directors of Wolverine
determines that it would be in the best interests of Wolverine to
deploy the proceeds of the Transaction for some other purpose; and
other factors, many of which are beyond the control of the
Company.
These forward-looking statements reflect material factors,
expectations and assumptions. Forward-looking statements included
in this news release should not be read as guarantees of future
performance or results. Such statements involve known and unknown
risks, uncertainties and other factors that may cause actual
results, performance or achievements to be materially different
from those implied by such forward-looking statements. Although the
forward-looking statements contained in this document are based
upon assumptions which management of the Company believes to be
reasonable, the Company cannot assure investors that actual results
will be consistent with these forward-looking statements. With
respect to forward-looking statements contained in this document,
Wolverine has made assumptions regarding among other things:
availability of skilled labour; timing and amount of capital
expenditures; future exchange rates; the price of oil and gas; the
impact of increasing competition; conditions in general economic
and financial markets; effects of regulation by governmental
agencies; the continued availability of adequate equity financing
and funds from operations to fund its planned expenditures; timing
of drilling and completion of wells; and other matters. Wolverine's
business is subject to a number of risks and uncertainties.
Readers are encouraged to review and carefully consider the
risk factors pertaining to Wolverine's business described in
Wolverine's Management's Discussion and Analysis dated February 22, 2023, which is accessible on
Wolverine's SEDAR issuer profile at www.sedar.com. The
forward-looking statements contained in this release are made as of
the date of this release, and except as may be expressly be
required by law, Wolverine disclaims any intent, obligation or
undertaking to publicly release any updates or revisions to any
forward-looking statements contained herein whether as a result of
new information, future events or results or otherwise, other than
as required by applicable securities laws. Management of the
Company has included the above summary of assumptions and risks
related to forward-looking information provided in this document in
order to provide shareholders with a more complete perspective on
Wolverine's current and future operations and such information may
not be appropriate for other purposes. Wolverine's actual results,
performance or achievement could differ materially from those
expressed in, or implied by, these forward-looking statements and,
accordingly, no assurance can be given that any of the events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do, what benefits Wolverine will derive
therefrom.
SOURCE Wolverine Energy and Infrastructure Inc.
