- the Corporation completed the consolidation of its common shares on a 40-for-1 basis;
- Grafton completed a non-brokered private placement of 22,566,702 units, comprised of 22,566,702 common shares in the capital of Grafton (“Grafton Shares“) and 22,566,702 Grafton Share purchase warrants, for aggregate gross proceeds of $3,385,005;
- each subscription receipt of Grafton issued pursuant to its brokered private placement for aggregate gross proceeds of $3,650,085 was converted into one Grafton Share and one Grafton Share purchase warrant and the proceeds therefrom were released from escrow;
- each Grafton Share and Grafton Share purchase warrant was exchanged for 0.34433507 common shares in the capital of the Corporation (“Resulting Issuer Shares“) and 0.34433507 Resulting Issuer Share purchase warrants, respectively;
- the Corporation issued 547,090 Resulting Issuer Shares to certain former directors and officers of the Corporation pursuant to compensation settlement agreements; and
- the Corporation, as the resulting issuer (the “Resulting Issuer“), will continue the business of Grafton and has changed its name from “763997 Alberta Ltd.” to “Westgate Energy Inc.”.
Subject to receiving final acceptance from the TSX Venture Exchange (the “TSXV“), the Resulting Issuer Shares are expected to resume trading under the symbol “WGT” shortly after all filing requirements are met. The Transaction resulted in the issuance of 47,660,238 Resulting Issuer Shares at a deemed price per share of $0.44.
The board of directors of Westgate now consists of Richard Grafton, Daniel Brown, Kelly Ogle and Artan Agolli. The senior management team of Westgate now consists of Daniel Brown, Nicholas Grafton and Jordan Kevol.
Shareholders are encouraged to review the filing statement dated May 15, 2024 filed in connection with the Transaction which can be found on Westgate’s SEDAR+ profile at www.sedarplus.ca.
Westgate is focused on the emerging Mannville Stack fairway located in East-Central Alberta and West Central Saskatchewan. This fairway is characterized by known accumulations of medium and heavy oil and are being “unlocked” via the application of modern drilling techniques utilizing multi-lateral horizontal drilling. The application of these modernized multi-lateral drilling techniques have yielded some of the strongest oil economics throughout Western Canada.
Westgate’s management and board have extensive experience building and leading successful energy companies in Canada. Common amongst the collective successes of the leadership group is a strategy of targeting high quality oil assets with large amounts of oil in place,  and achieving growth through successful drilling and strategic M&A opportunities. This proven blueprint of delivering shareholder value is foundational to the formation of Westgate. Westgate is uniquely positioned as one of a select few publicly listed, pure-play high-growth junior oil companies focused on the Mannville Stack fairway.
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