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Storm Resources Ltd. Announces Securityholder and Court Approval of Proposed Transaction with Canadian Natural Resources Limited


CALGARY, AB, December 15, 2021 / CNW / – Storm Resources Ltd. (“Storm“or the”Society“) (TSX: SRX) is pleased to announce that at a special meeting held today (the”Meeting“), its shareholders and option holders voted in favor of the previously announced transaction (the” Transaction “) with Canadian Natural Resources Limited (“Buyer“). The Company also announces the Court of Queen’s Bench of Alberta (the “To research“) granted a final order approving the Transaction.

Storm and the buyer have reached a definitive agreement on November 9, 2021 (the “Arrangement agreement“) for the proposed acquisition of Storm by the purchaser under a plan of arrangement, under which the purchaser will acquire all of the issued and outstanding common shares of Storm for a cash consideration of $ 6.28 per share, subject to the terms of the Arrangement Agreement.

The total number of shares represented by shareholders present in person and by proxy at the Meeting was 68,393,758, representing approximately 55.81% of the issued and outstanding common shares of Storm. The total number of stock options represented by option holders present in person and by proxy at the meeting was 7,405,100, representing approximately 80.32% of the stock options issued. and outstanding Storm.

The holders of the required majorities of shares and options voted in favor of the special resolution to approve the Arrangement (the “”Arrangement resolution“) as following:

Resolution

# Votes for

% of votes for

# Votes against

% of votes against

Arrangement resolution(1)

67 728 548

99.03%

665 210

0.97%

Arrangement resolution(2)

73 997 848

97.62%

1,801,010

2.38%

Arrangement resolution(3)

55 788 924

98.82%

665 210

1.18%

Remarks:

(1)

Over 662/3% of the votes cast by Storm shareholders present in person or represented by proxy at the Meeting voted in favor of the Arrangement Resolution, as required by the Interim Order of the Court.

(2)

Over 662/3% of the votes cast by the shareholders and option holders of Storm, voting together as a single class, present in person or represented by proxy at the meeting, voted in favor of the arrangement resolution, as required by the interim order of the Court.

(3)

More than 50% of the votes cast by Storm shareholders present in person or represented by proxy at the Meeting, excluding shareholders whose votes must be excluded in accordance with Article 8.1 (2) of Multilateral Instrument 61-101 – Protection of Holders of Minority Securities in Special Transactions, voted in favor of the Settlement Resolution, as required by the Court’s Interim Order.

Additional information regarding the Transaction is provided in Storm’s management information circular dated November 19, 2021, which is available on the SEDAR website at www.sedar.com under the profile of Storm. The transaction is expected to close on or about December 17, 2021.

ADVICE TO THE READER
Certain information contained in this press release contains forward-looking information that involves risks and uncertainties. To this end, all statements contained in this press release that are not statements of historical fact may be considered as forward-looking statements. Forward-looking statements often contain words such as “may”, “will”, “should”, “anticipate”, “expect” and similar expressions. More particularly, and without limitation, this press release contains forward-looking information relating to the ability of Storm and the Buyer to meet the remaining conditions and complete the Transaction; and the expected time of closing of the Transaction. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will be achieved. This information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Storm assumes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions change. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

SOURCE Storm Resources Ltd.

Cision

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