Savanna Energy Services Corp. ("Savanna") (TSX:SVY) today acknowledges Total Energy Services Inc.'s ("Total") announcement that it has satisfied its minimum tender condition of 50.1% pursuant to its unsolicited offer to purchase all of the common shares of Savanna (the "Savanna Shares") on the basis of 0.13 common shares of Total and $0.20 in cash for each Savanna Share (the "Total Offer") and has taken up the Savanna Shares tendered to the Total Offer.
On the acquisition of over 50% of the outstanding Savanna Shares, an event of default occurs under Savanna's first and second lien credit facilities. Savanna is in discussions with its lenders with respect to the impact of the event of default and expects the lenders will not immediately take steps with respect to the default.
Total has also announced that it has extended the period for the tender of additional Savanna Shares under the Total Offer to 12:00 p.m. on April 7, 2017.
Savanna is a leading contract drilling and oilfield services company operating in North America and Australia providing a broad range of drilling, well servicing and related services with a focus on fit for purpose technologies and industry-leading Aboriginal relationships.
SOURCE: Savanna Energy Services Corp.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.