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Royal Oak Ventures Inc To Be Acquired By Brookfield Asset Management Inc's Subsidiary

Wednesday, 30 Oct 2013 06:15pm EDT 

Royal Oak Ventures Inc (Royal Oak) and Brookfield Holdings Canada Inc. (Holdings), a subsidiary of Brookfield Asset Management Inc announced that Royal Oak has entered into an agreement with Holdings to effect a going private transaction whereby Holdings will acquire all of the issued and outstanding common shares ("Common Shares") and all of the issued and outstanding non-voting shares ("Non-Voting Shares", together with the Common Shares, the "Shares") of Royal Oak not already owned by Holdings or its affiliates at a price of $0.15 per Share in cash (the "Offer"), representing a total cash consideration of approximately $8 million. Holdings and its affiliates currently own 1,530,288 Common Shares and 107,341,027 Non-Voting Shares of Royal Oak, representing 48% of the Common Shares and 67% of the Non-Voting Shares, for combined economic interest of 67% in Royal Oak. The proposed transaction will be effected through an amalgamation of Royal Oak and a newly incorporated company wholly-owned by Holdings.