Steel Reef Announces Commencement of Substantial Issuer Bid Up to $75 Million

CALGARY, ALBERTA , April 03, 2023 (GLOBE NEWSWIRE) -- Steel Reef Infrastructure Corp. (“Steel Reef” or the “Company”) announces that it is commencing a substantial issuer bid on April 3, 2023, pursuant to which the Company will offer to purchase for cancellation up to $75 million of its common shares (the “Shares) for cash (the “Offer”). The Offer will expire at 5:00 p.m. (Toronto time) on, May 15, 2023, unless extended, varied, or withdrawn by Steel Reef. All dollar amounts are in Canadian dollars.

The Offer is being made by way of a “modified Dutch auction”, allowing shareholders of the Company (“Shareholders”) who choose to participate in the Offer to individually select the price, within a price range of not less than $2.25 and not more than $2.75 per Share (in increments of $0.05 per Share), at which they will tender their Shares to the Offer. Upon expiry of the Offer, Steel Reef will determine the lowest purchase price (which will not be more than $2.75 and not less than $2.25 per Share) that will allow it to purchase the maximum number of Shares properly tendered to the Offer, and not properly withdrawn, having an aggregate purchase price not exceeding $75 million.