Announcement • Dec 19
Cygnet Energy Ltd. completed the acquisition of Kiwetinohk Energy Corp. (TSX:KEC) from ARC Financial Corp., Luminus Energy IE Designated Activity Company and others. Cygnet Energy Ltd. agreed to acquire Kiwetinohk Energy Corp. (TSX:KEC) from ARC Financial Corp., Luminus Energy IE Designated Activity Company and others for CAD 1.1 billion on October 28, 2025. A cash consideration valued at CAD 24.75 per share will be paid by Cygnet Energy Ltd. The transaction will be financed from debt and equity financings. As per the transaction, ARC Financial Corp. will exchange its 6.06 million shares held in Kiwetinohk Energy Corp. with the shares of Cygnet Energy Ltd.
The transaction is subject to approval by regulatory board / committee, antitrust approval, approval of offer by target shareholders and subject to court approval. The Board of Directors of Kiwetinohk Energy Corp. formed a special committee for the transaction. The deal has been unanimously approved by the board of directors of Kiwetinohk Energy Corp. The transaction is expected to close in late December 2025. As of December 16, 2025, the transaction has been approved by the shareholders of Kiwetinohk Energy Corp. The transaction is anticipated to be completed on December 18, 2025. The Shares will be delisted from the Toronto Stock Exchange following the closing of the Arrangement.
National Bank Financial Markets acted as fairness opinion provider for Kiwetinohk Energy Corp. National Bank Financial Markets acted as financial advisor for Kiwetinohk Energy Corp. RBC Capital Markets Inc. acted as financial advisor for Kiwetinohk Energy Corp. Chrysten E. Perry of Stikeman Elliott LLP acted as legal advisor for Kiwetinohk Energy Corp. Peters & Co., Limited acted as fairness opinion provider for Kiwetinohk Energy Corp. Burnet, Duckworth & Palmer LLP acted as legal advisor for Cygnet Energy Ltd. Tudor, Pickering, Holt & Co. Securities Canada, ULC acted as financial advisor for Cygnet Energy Ltd. BMO Capital Markets acted as financial advisor for Cygnet Energy Ltd. Norton Rose Fulbright Canada LLP acted as legal advisor to Cygnet for the related debt and equity financings. Carlyle acted as advisor to Cygnet on the debt financing arrangements for the Acquisition.
Cygnet Energy Ltd. completed the acquisition of Kiwetinohk Energy Corp. (TSX:KEC) from ARC Financial Corp., Luminus Energy IE Designated Activity Company and others on December 18, 2025. The KEC Shares are expected to be delisted from the Toronto Stock Exchange at the close of business on December 19, 2025. Price Target Changed • Dec 18
Price target increased by 15% to CA$30.00 Up from CA$26.00, the current price target is provided by 1 analyst. New target price is 21% above last closing price of CA$24.70. The company is forecast to post earnings per share of CA$2.14 for next year compared to CA$0.024 last year. Recent Insider Transactions Derivative • Nov 14
CEO & Non-Independent Director exercised options to buy CA$7.4m worth of stock. On the 10th of November, Patrick Carlson exercised options to buy 300k shares at a strike price of around CA$10.00, costing a total of CA$3.0m. This transaction amounted to 28% of their direct individual holding at the time of the trade. Since December 2024, Patrick's direct individual holding has increased from 1.02m shares to 1.05m. Company insiders have collectively bought CA$8.4m more than they sold, via options and on-market transactions, in the last 12 months. 
