Toscana Files Shareholder and Debentureholder Meeting Materials

CALGARY, Alberta (April 18, 2019) – Toscana Energy Income Corporation (“Toscana” or the “Corporation”) (TSX:TEI) has filed its meeting materials in connection with the previously announced annual and special meeting of shareholders and extraordinary meeting of debentureholders each scheduled for May 10, 2019 at 9:00 a.m. and 11:00 a.m., respectively, and each being held in connection with, among other things, consideration of a transaction (the “Transaction”) pursuant to which Toscana will redeem its outstanding 7.25% convertible unsecured subordinated debentures due June 30, 2021 (the “Debentures”).  As previously announced, Toscana will redeem in full the outstanding principal amount of Debentures inclusive of the 3% early redemption premium (the “Redemption Price”) along with all accrued but unpaid interest up to but excluding the date of redemption (the “Redemption Date”) and the interest payment deferral amount (the “Deferral Payment”) previously approved by Debentureholders, an aggregate payment of approximately $21,957,329 (the “Redemption Amount”).  The Redemption Amount will be satisfied, subject to receipt of all necessary approvals including the Toronto Stock Exchange (“TSX”), shareholders and debentureholders, by the issuance of common shares (“Common Shares”) in the capital of Toscana at a price per Common Share of $0.15898 (a change from the previously announced price of $0.13299 as a result of a review by the TSX of the treatment of historical trading data used to calculate the price per Common Share).

Pursuant to the Transaction, Toscana will issue approximately 138 million Common Shares representing approximately 95.07% (compared to 95.84% as previously announced by the Corporation on March 15, 2019) of the pro forma Common Shares outstanding upon closing of the Transaction which is expected to be on or about May 14, 2019 (the “Closing Date”).  Upon closing of the Transaction and full satisfaction of the Redemption Amount, interest upon the Debentures shall cease to be payable from and after the Redemption Date.

About Toscana Energy Income Corporation

Toscana Energy Income Corporation is a conventional oil and gas producer with the mandate to acquire high quality, long life oil and gas assets including royalties, non-operated working interests and unitized production for yield and capital appreciation.

 

For further information, please contact:

Joseph S. Durante, Chief Executive Officer
Tel: (403) 410-6793
Fax: (403) 444-0090

SOURCE: Toscana Energy Income Corporation