CALGARY, ALBERTA--(Marketwired - May 8, 2017) - Trican Well Service Ltd. ("Trican") (TCW.TO) and Canyon Services Group Inc. ("Canyon") (FRC.TO) are pleased to announce that they have received a no-action letter (the "No-Action Letter") from the Competition Bureau of Canada in respect of the previously announced acquisition by Trican of all the issued and outstanding common shares ("Canyon Shares") of Canyon by way of a plan of arrangement under the Business Corporations Act (Alberta) (the "Transaction"). The No-Action Letter satisfies the condition for approval of the Transaction required under the Competition Act (Canada).
Closing of the Transaction remains subject to approval by holders of Canyon Shares and holders of common shares ("Trican Shares") of Trican, in addition to approval from the Alberta Court of Queen's Bench (the "Court") and satisfaction of other customary closing conditions. Trican and Canyon have called separate meetings of the holders of Trican Shares and Canyon Shares, respectively (collectively, the "Meetings") to be held on May 31, 2017.
Provided the necessary shareholder approvals are obtained at the Meetings, an application for a final order from the Court approving the Transaction will be heard on June 1, 2017 at the Calgary Courts Centre. Trican and Canyon expect the Transaction to close as soon as practicable following receipt of the final order and satisfaction or waiver of all remaining closing conditions.
Additional details regarding the Transaction and the Meetings can be found in the management information circulars of Trican and Canyon, respectively, available under their respective profiles on SEDAR at www.sedar.com.
About Trican
Headquartered in Calgary, Alberta, Trican provides a comprehensive array of specialized products, equipment and services that are used during the exploration and development of oil and gas reserves.
About Canyon
Canyon is an oilfield services company that focuses operations in the WCSB with two core business lines: Pressure Pumping Services and Fluid Management Services. Canyon provides Pressure Pumping Services while Canyon's wholly owned subsidiary, Fraction Energy Services Ltd., provides Fluid Management Services.
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws and is based on the expectations, estimates and projections of management of Trican and Canyon as of the date of this news release unless otherwise stated. The use of any of the words "expect", "may", "will", "believe" and similar expressions are intended to identify forward-looking statements or information. More particularly and without limitation, this news release contains forward-looking statements and information concerning: the timing and anticipated receipt of required shareholder and Court approvals for the Transaction; the ability of Trican and Canyon to satisfy the other conditions to, and to complete, the Transaction; the holding and timing of the Meetings; the application for the final order and the timing of closing the Transaction.