SYLVAN LAKE, ALBERTA -- (Marketwired) -- 06/15/17 -- Lonestar West Inc. (TSX VENTURE: LSI) (the "Company" and/or "Lonestar") is pleased to announce it has mailed an information circular and proxy statement and related meeting materials (collectively, the "Meeting Materials") in connection with the special meeting of the shareholders of Lonestar, currently scheduled to be held at its offices of at 9:00 a.m. (Mountain time) on July 12, 2017 (the "Meeting").
At the Meeting, shareolders will be asked to approve the Company's previously announced transaction with Clean Harbors, Inc. (NYSE: CLH) ("Clean Harbors"), whereby Clean Harbors, through an indirect wholly-owned subsidiary, will acquire 100% of Lonestar's issued and outstanding common shares ("Lonestar Shares"), including Lonestar Shares issuable upon the exercise of outstanding options, for C$0.72 per Lonestar Share (the "Acquisition"). The Acquisition will be accomplished by way of an amalgamation (the "Amalgamation") pursuant to the Canada Business Corporations Act. The Amalgamation must be approved by the holders of Lonestar Shares representing at least two-thirds of votes cast in person or by proxy at the Meeting.
Each of the directors and officers of Lonestar and certain other principal shareholders, collectively holding approximately 35.7% of the issued and outstanding Lonestar Shares, have entered into agreements with Clean Harbors pursuant to which such holders have agreed to vote their Lonestar Shares in favor of the Amalgamation at the Meeting.
The Board of Directors of Lonestar has unanimously approved the Amalgamation and determined that the Amalgamation is in the best interests of Lonestar and the Lonestar shareholders and unanimously recommends that the Lonestar shareholders vote in favor of the Amalgamation.
The Meeting Materials contain, among other things, details concerning the Amalgamation, the background to and reasons for Lonestar's Board's unanimous favourable recommendation of the Amalgamation, the requirements for the Amalgamation to become effective, the procedure for receiving consideration payable under the Amalgamation for Lonestar Shares, procedures for voting at the Meeting and other related matters. Shareholders are urged to carefully review the Meeting Materials, which includes a copy of the proposed Amalgamation Agreement, as they contain important information regarding the Acquisition and its consequences to shareholders. A copy of the Meeting Materials are available under the Company's profile on SEDAR at www.sedar.com.
About Lonestar
Based in Sylvan Lake, Alberta, Lonestar West Inc. operates a fleet of 140 Hydrovac, Vacuum and Auxiliary units throughout Western Canada, Ontario, California, and the southern United States. It is focused on profitably growing its HVAC services to become a major competitor in the North American market. For more information please visit the Lonestar website at www.lonestarwest.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts:
Lonestar West Inc.
James Horvath
President & CEO
403-887-2074
info@lonestarwest.com
