TSX, NYSE: BXE
CALGARY, July 3, 2017 /CNW/ - Bellatrix Exploration
Ltd. ("Bellatrix" or the "Company") (TSX, NYSE: BXE) is pleased to
announce that it has completed the previously announced
consolidation of the Company's common shares (the "Common Shares").
Trading on a post-consolidation basis will commence on both the New
York Stock Exchange and Toronto Stock Exchange on or about
July 6, 2017.
The Company filed articles of amendment on July 1, 2017 to effect the consolidation of the
Common Shares of the Company on the basis of a consolidation ratio
of 5 old Common Shares to 1 new Common Share (the "Common Share
Consolidation"). No fractional Common Shares will be issued
pursuant to the Common Share Consolidation. In lieu of any such
fractional Common Shares, each registered shareholder of the
Company otherwise entitled to a fractional Common Share following
the implementation of the Common Share Consolidation will receive
the nearest whole number of post-consolidation Common
Shares.
Letters of transmittal were mailed to registered shareholders of
the Company on June 26, 2017 and, if
they have not done so already, such registered holders are required
to deposit their share certificate(s), together with the duly
completed letter of transmittal, with Computershare Trust Company
of Canada, the Company's registrar
and transfer agent. Non-registered shareholders holding
Common Shares through an intermediary (a securities broker, dealer,
bank or financial institution) should be aware that the
intermediary may have different procedures for processing the
Common Share Consolidation than those that will be put in place by
the Company for registered shareholders. If shareholders hold their
Common Shares through an intermediary and they have questions in
this regard, they are encouraged to contact their
intermediaries.
As a result of the Common Share Consolidation and in accordance
with the convertible debenture indenture dated as of August 9, 2016, the conversion price of the 6.75%
convertible unsecured subordinated debentures (the "Debentures") of
the Company has been increased to $8.10 per Common Share, being a rate of
approximately 123.4568 Common Shares for each $1,000 principal amount of Debentures.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of applicable securities laws. More particularly and
without limitation, this press release contains forward-looking
statements regarding the expected date that the Common Shares will
trade on a post-consolidation basis on the Toronto Stock Exchange
and New York Stock Exchange. All statements, other than statements
of historical facts, that address activities that Bellatrix
assumes, plans, expects, believes, projects, aims, estimates or
anticipates (and other similar expressions) will, should or may
occur in the future are forward-looking statements. The
forward-looking statements provided in this news release are based
on management's current belief, based on currently available
information, as to the outcome and timing of future events.
Bellatrix cautions that its intention to proceed with the Common
Share Consolidation and other forward-looking statements relating
to Bellatrix are subject to all of the risks and uncertainties
normally incident to such endeavors. These risks relating to
Bellatrix include, but are not limited to, the risk that trading on
a post-consolidation basis will not take effect when expected and
other risks as described in reports (including, without limitation,
under the heading "Risk Factors" in the Company's Annual
Information Form for the year ended December
31, 2016) on file with Canadian and US securities regulatory
authorities and may be accessed through the SEDAR website
(www.sedar.com), through the SEC website (www.sec.gov), and at
Bellatrix's website (www.bellatrixexploration.com). Furthermore,
the forward-looking statements contained herein are made as at the
date hereof and Bellatrix does not undertake any obligation to
update publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required by applicable securities
laws.
SOURCE Bellatrix Exploration Ltd.