FOR: CANYON SERVICES GROUP INC.
TSX SYMBOL: FRC
Date issue: May 31, 2017
Time in: 7:31 PM e
Attention:
CALGARY, ALBERTA–(Marketwired – May 31, 2017) – Canyon Services Group Inc.
(“Canyon”) (TSX:FRC) is pleased to announce that at its annual and special
meeting of shareholders (the “Meeting”) held earlier today, holders (“Canyon
Shareholders”) of common shares of Canyon (“Canyon Shares”) approved the
previously announced plan of arrangement (the “Arrangement”) involving Trican
Well Service Ltd. (“Trican”), Canyon and the securityholders of Canyon.
A total of 57,987,084 Canyon Shares (approximately 67.02% of the issued and
outstanding Canyon Shares) were represented at the Meeting in person or by
proxy. The Arrangement was approved by 99.79% of the votes cast by Canyon
Shareholders, either in person or by proxy at the Meeting, and by 99.78% of the
votes cast by Canyon Shareholders, either in person or by proxy at the Meeting,
after excluding the votes cast by an officer of Canyon in accordance with
Multilateral Instrument 61-101 – Protection of Minority Security Holders in
Special Transactions.
Canyon expects to apply for the final approval of the Court of Queen’s Bench of
Alberta of the Arrangement on June 1, 2017 and assuming such order is granted
on the terms and conditions contemplated by Canyon and Trican, closing of the
Arrangement is expected to occur on June 2, 2017.
At the Meeting, Canyon Shareholders also approved, among other annual matters,
the election of seven nominees of Canyon as directors of Canyon, with Canyon
Shares represented at the Meeting voting by way of ballot in favour and
withheld from voting for each of the individual nominees as follows:
/T/
Nominee Outcome of Vote Votes For Votes Withheld
——————- —————— —————— ——————
Bradley P.D. Fedora Elected 57,179,955 94,756
Raymond P. Antony Elected 56,224,237 1,050,474
Neil M. MacKenzie Elected 57,232,352 42,359
M. Scott Ratushny Elected 57,229,675 45,036
Miles Lich Elected 54,017,518 3,257,193
Ken Mullen Elected 56,215,801 1,058,910
Pat G. Powell Elected 56,223,887 1,050,824
/T/
If the Arrangement is completed as planned, such individuals intend to resign
as directors of Canyon at closing of the Arrangement. If the Arrangement is not
completed, such individuals will hold office until the next annual meeting of
Canyon Shareholders or until their successors are duly elected or appointed.
For details of the voting results on the other matters considered at the
Meeting, see Canyon’s Report of Voting Results filed pursuant to National
Instrument 51-102 on www.sedar.com.
FORWARD LOOKING STATEMENTS: This press release contains forward-looking
statements. More particularly, this press release contains statements
concerning the timing and receipt of the final order and the expected closing
date of the Arrangement. The forward-looking statements contained herein are
based on certain key expectations and assumptions made by Canyon, including but
not limited to expectations and assumptions concerning the ability to obtain
the final order on the terms contemplated by the parties, to complete the
Arrangement on the terms and on the timing contemplated by management, and the
assumption that all necessary conditions will be met for the completion of the
Arrangement. Although Canyon believes that the expectations and assumptions on
which the forward-looking statements are based are reasonable, undue reliance
should not be placed on the forward-looking statements because they can give no
assurance that they will prove to be correct. Since forward-looking statements
address future events and conditions, by their very nature they involve
inherent risks and uncertainties. Actual results could differ materially from
those currently anticipated due to a number of factors and risks. These
include, but are not limited to, the failure of Canyon and Trican to obtain
necessary approvals, or to otherwise satisfy the conditions to completion of
the Arrangement, in a timely manner, or at all. Failure to so obtain such
approvals, or the failure of each of Canyon and Trican to otherwise satisfy the
conditions to the Arrangement, may result in the Arrangement not being
completed on the proposed terms, or at all. The forward-looking statements
contained in this press release are made as of the date hereof and Canyon does
not undertake any obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information, future
events or otherwise, unless so required by applicable securities laws.
– END RELEASE – 31/05/2017
For further information:
Canyon Services Group Inc.
2900 Bow Valley Square III
255-5th Avenue S.W.
Calgary, Alberta, T2P 3G6
Fax: 403-355-2211
OR
Brad Fedora
President & CEO
Phone: 403-290-2491
OR
Barry O’Brien
Vice President, Finance & CFO
Phone: 403-290-2478
COMPANY:
FOR: CANYON SERVICES GROUP INC.
TSX SYMBOL: FRC
INDUSTRY: Energy and Utilities – Oil and Gas , Manufacturing and
Production – Machinery and Tools
RELEASE ID: 20170531CC0108
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