Mr. Jeff Tonken reports
BIRCHCLIFF ENERGY LTD. ANNOUNCES REDEMPTION OF SERIES A AND SERIES C PREFERRED SHARES AND DECLARES QUARTERLY PREFERRED SHARE DIVIDENDS
Birchcliff Energy Ltd. intends to redeem all of its two million issued and outstanding cumulative redeemable preferred shares, Series A, and all of its 1,528,219 issued and outstanding cumulative redeemable preferred shares, Series C, on Sept. 30, 2022, for a redemption price equal to $25.00 per share, less any tax required to be deducted or withheld by the corporation. The aggregate redemption price payable by the corporation to redeem the Series A and Series C preferred shares will be approximately $88.2-million. As Sept. 30, 2022, is a federal statutory holiday in Canada, the aggregate redemption price will be paid by the corporation to the sole registered holder of the Series A and Series C preferred shares on the next business day, being Oct. 3, 2022.
In addition, the corporation's board of directors has declared a quarterly cash dividend of 52.7677 cents per Series A preferred share and 44.1096 cents per Series C preferred share, which dividends will be paid on Oct. 3, 2022, to the holders of record at the close of business on Sept. 15, 2022. The dividends have been designated as eligible dividends for the purposes of the Income Tax Act (Canada). These will be the final quarterly dividends on the Series A and Series C preferred shares and will be paid separately from the redemption price. Upon the payment of these dividends, there will be no accrued and unpaid dividends on the Series A or Series C preferred shares.
The corporation has provided notice today of the redemption price and the redemption date to the sole registered holder of the Series A preferred shares and the Series C preferred shares in accordance with the terms of the shares as set out in the corporation's articles. Non-registered holders of Series A and Series C preferred shares should contact their broker or other intermediary for information regarding the redemption process for the Series A and Series C preferred shares in which they hold a beneficial interest. The corporation's transfer agent for the Series A and Series C preferred shares is Computershare Investor Services Inc. Questions regarding the redemption process may also be directed to Computershare Investor Services at 1-800-564-6253 or by e-mail to firstname.lastname@example.org.
About Birchcliff Energy Ltd.
Birchcliff is a Calgary, Alberta-based, intermediate oil and natural gas company with operations focused on the Montney/Doig resource play in Alberta. Birchcliff's common shares and Series A and Series C preferred shares are listed for trading on the Toronto Stock Exchange under the symbols BIR, BIR.PR.A and BIR.PR.C, respectively.
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