Ithaca Energy Inc.: Delek Takeover Conditions Satisfied

ABERDEEN, SCOTLAND–(Marketwired – Apr 21, 2017) – Ithaca Energy Inc. (TSX: IAE) (AIM: IAE)

(TSX: IAE; LSE: IAE)

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS IN THAT JURISDICTION.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU NO. 596/2014).

Ithaca Energy Inc.

Delek Takeover Offer – Tender Conditions Satisfied

21 April 2017

Ithaca Energy Inc. (TSX: IAE; LSE: IAE) (“Ithaca” or the “Company”) is pleased to announce that the conditions of the cash takeover offer for all the common shares of the Company not owned by Delek Group Ltd. (“Delek”) or any of its affiliates for C$1.95 per share (the “Offer”) have been satisfied and the Offer has been accepted by holders of approximately 70.3% of the issued and outstanding common shares, not including the common shares already owned by Delek or any of its affiliates prior to announcement of the Offer.

Payment for those shares tendered to the Offer by the initial deposit period deadline of 20 April 2017 will be made to Computershare Trust Company of Canada (“Computershare”), as the depositary for the Offer, by no later than 25 April 2017, following which the funds will be transferred to shareholders by Computershare. For those shareholders who tendered via brokers or financial intermediaries, payment for their tendered shares will be made via such institutions.

Following the take up and payment for the tendered shares, DKL Investments Limited (the “Offeror”), a wholly owned affiliate of Delek, will own and control 323,158,890 common shares, representing approximately 76% of the issued and outstanding shares of the Company.

Mandatory Extension Period
As required by securities laws, the Offer is being extended for a mandatory extension period until 17.00 (Toronto time) on 3 May 2017 (the “Expiry Time”) to provide shareholders who have not yet tendered their common shares to the Offer an opportunity to do so. Accordingly, the Offeror has today mailed to Ithaca shareholders the notice of extension, a copy of which is available on the Company’s website (www.ithacaenergy.com). Shareholders who have already validly deposited their common shares do not need to take any further action to accept the Offer.

Click on, or paste the following link into your web browser, to view the associated PDF document.

http://www.rns-pdf.londonstockexchange.com/rns/9562C_1-2017-4-21.pdf