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Marquee Shareholders Approve Merger with Alberta Oilsands

At the special meeting of Marquee Energy Ltd.'s (MQL.V) shareholders held on Nov. 14, the Marquee shareholders passed a special resolution approving the plan of arrangement involving Marquee, Alberta Oilsands Inc.(AOS.V)  and Marquee shareholders under Section 193 of the Business Corporations Act (Alberta). The arrangement resolution received support from approximately 98 per cent of the votes cast at the special meeting.

On Nov. 9, 2016, the Court of Appeal of Alberta heard the appeal by Marquee of the order of the Court of Queen's Bench of Alberta, as previously disclosed in Marquee's news releases of Sept. 21, 2016, and Oct. 11, 2016. The order provides that the application of Marquee to the Court of Queen's Bench of Alberta for a final order in connection with the arrangement shall not be brought to the Court of Queen's Bench of Alberta for hearing until Alberta Oilsands has held a shareholders meeting to consider and vote upon the arrangement on the terms provided in the order, including the approval of not less than two-thirds of the votes cast by Alberta Oilsands shareholders and the granting of dissent rights to Alberta Oilsands shareholders in connection therewith.

Marquee will provide further updates with respect to the appeal and the arrangement following receipt of the decision of the Court of Appeal of Alberta.