Winslow Resources Inc. entered into an asset purchase agreement to acquire substantially all of the assets of Bellatrix Exploration Ltd. (OTCPK:BXEF.F) for approximately CAD 100 million on April 22, 2020. The consideration will be paid in cash of CAD 87.4 million and will include the assumption of certain liabilities of CAD 14.8 million at closing. Pursuant to the transaction, Winslow Resources Inc. will acquire substantially all of Bellatrix Exploration Ltd.’s assets relating to its oil and gas business with the exception of working capital and certain other excluded assets. Winslow Resources Inc. will assume a number of liabilities of Bellatrix Exploration Ltd. relating to its joint ventures and other agreements, and environmental obligations relating to the purchased assets. The transaction will be funded through cash on hand and a committed senior-secured revolving reserves-based lending facility with a syndicate of lenders in the amount of CAD 100 million. Spartan will also complete a confirmed and committed concurrent equity financing for aggregate gross proceeds of CAD 20 million. As of May 8, 2020 Spartan closed its previously announced non-brokered equity financing. Spartan has issued 2,945,500,000 subscription receipts (the "Subscription Receipts") at a price of CAD 0.02 per subscription receipt for aggregate gross proceeds of CAD 58.91 million. For the year ended September 30, 2019, Bellatrix Exploration Ltd. reported total revenues of CAD 179.3 million, loss before interest and tax of CAD 46.26 million, negative EBITDA of CAD 45.12 million, net loss of CAD 778.18 million, loss from continuing operations of CAD 778.18 million, total assets of CAD 617.32 million, net debt of CAD 434.03 million and total debt of CAD 438.92 million. The transaction remains subject to the approval of the Court of Queen’s Bench of Alberta in Bellatrix Exploration Ltd.’s proceedings under the Companies’ Creditors Arrangement Act, among other approvals, IOGC approval and applicable conditions. As of May 8, 2020, the transaction has been approved by the Court of Queen's Bench of Alberta under the Companies' Creditors Arrangement Act (Canada). The transaction is also subject to TSXV approval. The transaction is expected to be completed by the end of June 2020. The transaction is to close on or about May 29, 2020. Goodmans LLP acted as legal advisor and BMO Capital Markets acted as financial advisor for Bellatrix Exploration Ltd. National Bank Financial Inc. is acting as financial advisor and TD Securities Inc. is acting as strategic advisor to Spartan. Stikeman Elliott LLP acted as legal advisor to Winslow Resources. Peters & Co., Limited and Eight Capital Corp. acted as financial advisor for Spartan Delta Corp. Winslow Resources Inc. completed the acquisition of substantially all of the assets of Bellatrix Exploration Ltd. (OTCPK:BXEF.F) on June 1, 2020.