Poseidon Concepts Corp. became an independent, publicly traded company as a result of a Plan of Arrangement approved on October 31, 2011 by the shareholders of Open Range Energy Corp., of which Poseidon was a business unit until that time. Poseidon commenced independent operations on November 1, 2011 and its common shares began trading on the TSX on November 4, 2011.
The tax implications for shareholders who held common shares in Open Range Energy Corp. prior to implementation of the Plan of Arrangement are explained in the attached information package. The following information is of a general nature only and not exhaustive of all possible income tax considerations. As a general guideline it is not intended to be, nor should it be, construed as legal or tax advice to any particular former Open Range shareholder.