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Abstract
(Marketwire - Aug. 15, 2008) - SRX Post Holdings Inc. (TSX:SRX) (the "Company") announced today that it has entered into a definitive arrangement agreement (the "Arrangement Agreement") with Bonterra Energy Income Trust ("Bonterra Trust"), Bonterra Energy Corp. ("Bonterra Corp.") and Novitas Energy Ltd. ("Novitas") providing for the reorganization and recapitalization of the parties thereto (the "Arrangement").
Subject to the terms and conditions of the Arrangement Agreement, the transaction will be carried out as an arrangement under the Business Corporations Act (Alberta). Under the Arrangement, New Bonterra will acquire all of the outstanding trust units of Bonterra Trust (the "Bonterra Units") by issuing common shares to holders of Bonterra Units on a one for one basis. In addition, Bonterra Corp. and Novitas, which currently hold the operating assets of Bonterra Trust, will amalgamate to form a new operating subsidiary of Bonterra Trust. Upon completion, the Arrangement will result in Bonterra Trust being converted to a corporation and holders of Bonterra Units becoming shareholders that own, indirectly, an economic interest in Bonterra Trust's business on the same basis as at present. Bonterra Trust intends to apply to have the common shares of New Bonterra listed on the Toronto Stock Exchange at the closing of the transaction.