On September 7, 2021, HB2 Origination, LLC completed a reverse takeover of Red Pine Petroleum Ltd. to form Alpine Summit Energy Partners, Inc. pursuant to a business combination agreement. Alpine Summit is a U.S. based oil and gas company focused on the development in the hydrocarbon-rich Austin Chalk and Eagle Ford formations in Texas, United States.
In connection with the reverse takeover transaction, Alpine Summit completed a financing of subscription receipts for gross proceeds of approximately $7.5 million through a special purpose financial vehicle.
The subordinate voting shares of Alpine Summit began trading on the TSXV in U.S. dollars on September 13, 2021 under the symbol “ALPS.U”.
Cassels acted for Alpine Summit.