Twin Butte Energy Ltd TBTEF

Offers for Debentures

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"Offers for Debentures

The Indenture will contain provisions to the effect that if an offer is made for the Debentures which is a take-over bid for Debentures within the meaning of MI 62-104 and in Ontario, the Securities Act (Ontario) and OSC Rule 62-504 if the Debentures were considered equity securities, and not less than 90% of the principal amount of the then-outstanding Debentures (other than Debentures held at the date of the take-over bid by or on behalf of the offeror or associates or affiliates of the offeror) are taken up and paid for by the offeror, the offeror will be entitled to acquire the Debentures held by those who did not accept the offer on the terms offered by the offeror."