Sintana Energy Inc. announced the acquisition of Challenger through a Court-sanctioned scheme of arrangement. The Scheme Document was sent to Challenger Shareholders on November 3, 2025. Challenger approved the scheme on November 26, 2025. The Acquisition is subject to certain conditions, including approval by the TSXV, expected soon. The Court Sanction Hearing was rescheduled to December 12, 2025, and the Scheme is expected to become effective on December 16, 2025. Sintana plans to issue Severance Shares post-acquisition, subject to TSXV approval and a hold period of four months and one day.

The Acquisition is subject to various conditions, including court approval and regulatory requirements. The Scheme is expected to become effective on December 16, 2025, and Sintana plans to issue Severance Shares to certain directors and officers. The Severance Shares will be subject to a hold period and are issued as a one-time inducement payment. US holders of Challenger Shares should note that the Acquisition may have tax consequences and should consult their tax advisors.

Read more at GlobeNewswire: Sintana Energy Inc. Provides Update on Conditions and