Waterous Energy Fund declares victory in Osum Oil Sands takeover bid

CALGARY — Waterous Energy Fund says it has prevailed in its takeover of private junior oilsands producer Osum Oil Sands Corp.

It says a total of 45.7 million Osum shares, about 34 per cent of the outstanding total and more than 50 per cent of the shares the fund didn't already own, were deposited to its offer of $3 per share by the expiry date.

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The fund says it intends to buy the remaining shares within four months.

Osum leaders reversed their strong opposition to the Waterous deal last month after the initial offer of $2.40 per share was increased by 25 per cent.

Waterous, a Calgary investment firm established in 2017 and headed by CEO Adam Waterous, said it bought 45 per cent of the outstanding shares last July from Osum's three largest shareholders.

It says five of Osum's directors and four executive officers, including CEO Steve Spence, have voluntarily resigned.

This report by The Canadian Press was first published March 3, 2021.

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