This press release is issued pursuant to Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.
CALGARY, Alberta, May 04, 2020 (GLOBE NEWSWIRE) -- Murray Cobbe of Calgary, Alberta (the "Acquiror"), announces that he acquired 4,149,992 common shares ("Common Shares") in the capital of Divergent Energy Services Corp. ("Divergent") pursuant to the issuance of Common Shares in satisfaction of certain interest obligations of Divergent owed to holders of debentures of Divergent ("Debentures").
On April 14, 2020, Divergent announced that it had elected to satisfy the interest obligations on its debentures ("Debentures") for each of the quarters ended June 30, 2019, September 30, 2019, December 31, 2019 and March 31, 2020 by the delivery of approximately 23,862,476 common shares in the capital of Divergent ("Common Shares") at a deemed price of $0.025 per Common Share (the "Transaction"). The Transaction was completed on May 1, 2020. As a holder of Debentures, the Acquiror received 4,149,992 Common Shares pursuant to the Transaction.
Immediately prior to the Transaction, the Acquiror had beneficial ownership of, or control or direction over a total of 11,001,379 Common Shares, representing approximately 9.16% of the then issued and outstanding Common Shares.
Immediately following the Transaction and as a result of the acquisition of 4,149,992 Common Shares in connection therewith, the Acquiror had beneficial ownership of, or control or direction over a total of 15,151,371 Common Shares representing approximately 10.53% of the then issued and outstanding Common Shares.
The original purchase by the Acquiror of the Debentures to which the Transaction relates was made for investment purposes only. Depending on market and other conditions, the Acquiror may increase or decrease its ownership of additional securities of Divergent, whether in the open market, by privately negotiated agreement or otherwise.
A report respecting this acquisition will be filed with the applicable securities commissions using the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) and will be available for viewing on Divergent's profile at www.sedar.com.
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