CALGARY, Alberta, June 02, 2020 — Priviti Capital Corporation, the Investment Fund Manager for Priviti Oil & Gas Opportunities Limited Partnership 2013 (“POGO 2013” or “the Fund”), was granted exemptive relief by the Alberta Securities Commission (the “ASC”) pursuant to a decision issued on April 24, 2020; Re: Priviti Capital Corporation, 2020 ABASC 52, (the “ASC Decision”).
Effective June 1, 2020 the Fund sold 215,000 shares of Rolling Hills Energy Ltd. (“Rolling Hills”) and 1,000,000 shares of Blackspur Oil Corp. (“Blackspur”) to Priviti Oil & Gas Limited Partnership 2014 (“POGO 2014”). Collectively the 215,000 shares of Rolling Hills and the 1,000,000 shares of Blackspur are referred to as the “Illiquid Assets”. In order to conduct the trade for the Illiquid Assets, the Manager applied (in multiple jurisdictions, the primary jurisdiction being Alberta) for the following exemptive relief:
- an exemption from the prohibition in subsection 4.2 (1) of National Instrument 81-102 – Investment Funds, which prohibits an investment fund from purchasing or selling a security from or to, inter alia, an affiliate of the manager or portfolio advisor of the fund; and
- an exemption from the prohibition in subparagraphs 13.5 (2)(b)(ii) and 13.5 (2)(b)(iii) of National Instrument 31-103 – Registration Requirements, Exemptions and Ongoing Registrant Obligations, which prohibits a registered advisor from knowingly causing an investment portfolio managed by it, to purchase or sell a security from or to the investment portfolio of a responsible person, an associate of the registered advisor or an investment fund for which the registered advisor acts as an advisor.
Each of the foregoing provisions is intended to address the potential for a conflict of interest in a sale of assets between two funds managed by the same investment fund manager.
The Fund sold the Illiquid Assets to POGO 2014 at a fair value based on an independent quote of the fair value of the Illiquid Assets obtained from an independent broker. The Manager did not receive any remuneration with respect to the purchase or sale of the Illiquid Assets between the Fund and POGO 2014.
For further information please contact:
Priviti Capital Corporation Ward Mallabone President and CEO 1-855-333-9943
About Priviti Capital Corporation Priviti Capital Corporation is a Calgary, Alberta based private equity firm that specializes in the Canadian energy market. We manage a number of private equity funds that invest in quality private and public energy corporations. For further information, please visit our website at www.priviticapital.com.
Certain information set forth in this press release, including a discussion of future plans and operations, contains forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond management’s control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, environmental risks industry competition, availability of qualified personnel and management, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. Actual results, performance or achievement could differ from those expressed in or implied by these forward-looking statements.