EDMONTON, May 25, 2017 /PRNewswire/ - Alberta
Investment Management Corporation ("AIMCo"), on behalf of certain
of its clients, is pleased to announce that today it has
successfully entered into a strategic financing relationship with
Ikkuma Resources Corp., ("Ikkuma") (TSE: IKM).
Based upon the terms of the agreement, the financing
relationship provides for a debt-with-warrants financing consisting
of a CAD $45 million second lien
senior secured term loan, which bears annual interest at 7.25% and
matures on March 31, 2022, and
warrants issued by Ikkuma, for no additional consideration, to
purchase common shares of Ikkuma to AIMCo, entitling AIMCo to
acquire up to 6,750,000 common shares for a period of three years,
at an exercise price of $0.86 per
Common Share.
Ikkuma is a growth-oriented oil and gas company operating in the
Alberta and BC
Foothills. AIMCo's investment in Ikkuma provides its clients
an attractive opportunity to gain direct exposure to a Calgary-based Canadian energy company focused
on long-term value creation through high growth, low decline,
gas-weighted, oil upside in conventional bypassed reservoirs. The
technical team at Ikkuma has worked together for over a decade in
the Foothills Region of Western Canada, demonstrating the
unique skills and repeat success at exploiting a complex and
prolific play type that are fundamental ingredients for a
successful growth-oriented company.
"AIMCo is very pleased to have an opportunity to increase our
investment in Ikkuma Resources, on behalf of our clients, by way of
this strategic financing relationship," states Peter Pontikes, Executive Vice-President, Public
Equities of AIMCo. "AIMCo enjoys a strong working relationship with
Ikkuma's accomplished management team, and we have great confidence
in their ability to most effectively utilize this investment to
navigate current challenges facing the market, while also
positioning the company for future growth."
Tim de Freitas, President and CEO
of Ikkuma Resources Corp. comments "Having a large sophisticated
Alberta-based Institutional
Investor alongside Ikkuma is a privilege. AIMCo, has supported
Ikkuma from its inception several years ago, and continues to share
Ikkuma's view of long term value creation within Alberta's prolific foothills reservoirs. This
investment increases the Corporation's liquidity and allows it to
pursue its exciting new light oil discovery, through 2017 and
beyond."
About Alberta Investment Management Corporation
(AIMCo)
AIMCo is one of Canada's
largest and most diversified institutional investment managers with
more than $100 billion of assets
under management. AIMCo was established on January 1, 2008 with a mandate to provide
superior long-term investment results for its clients. AIMCo
operates at arms-length from the Government of Alberta and invests globally on behalf of 32
pension, endowment and government funds in the Province of
Alberta. For more information on
AIMCo please visit www.aimco.alberta.ca.
About Ikkuma Resources (Ikkuma)
Ikkuma Resources Corp is a diversified junior public oil and gas
company listed on the TSX-V under the symbol IKM, with holdings in
both conventional and unconventional projects in Western
Canada. Further information about Ikkuma can be found at
www.ikkumarescorp.com.
SOURCE Alberta Investment Management Corp.