Pursuant to the Arrangement, Novus shareholders will receive C$1.18 in cash per common share of Novus.
Mr. Hugh G. Ross, President and Chief Executive Officer of Novus, stated "The Novus team is excited about our future with Yanchang Petroleum International and I would like to personally extend my sincere thanks to our board members and staff for their dedication, hard work and contribution which has made the completion of the Arrangement possible".
Cormark Securities Inc., as lead, and FirstEnergy Capital Corp. acted as financial advisors to Novus in the transaction. GMP Securities acted as special advisor to the Special Committee of the Novus board of directors, and Canaccord Genuity and Haywood Securities acted as strategic advisors to Novus. Blake, Cassels & Graydon LLP acted as legal counsel to Novus.
With the completion of the Arrangement, the common shares of Novus are expected to be de-listed from the TSX Venture Exchange in a few trading days.
Yanchang Petroleum International is principally engaged in the exploration, exploitation and operation of oil and gas fields and refined oil wholesale and retail businesses.
In the first half of 2013, Yanchang Petroleum International achieved its operating target of sales volumes of over 900,000 tons of oil products and sales revenue of over HK$8bn (approximately US$1bn) for its oil product operation in China.
Shaanxi Yanchang Petroleum (Group), the fourth largest oil producer in China with more than 100 years of history, is the largest shareholder of Yanchang Petroleum International and also controls the board of Yanchang Petroleum International.
