REG-Bankers Petroleum Limited: Bankers Petroleum - Corporate transaction extension <Origin Href="QuoteRef">BNK.TO</Origin>

Big Banc SplitAnnouncement

01/08/2016 07:05

Bankers Petroleum announces corporate transaction extension


CALGARY, July 30, 2016 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the
"Company") (TSX: BNK, AIM: BNK) is pleased to announce that it has finalized
an extension for the corporate transaction with affiliates of Geo-Jade
Petroleum Corporation ("Geo-Jade") pursuant to an arrangement agreement dated
March 19, 2016 (the "Arrangement Agreement"). The Arrangement Agreement
provides that Geo-Jade will acquire all the issued and outstanding common
shares of Bankers ("Bankers Shares") through its affiliates at a cash price of
C$2.20 per Bankers Share.

Completion of the transaction remains subject to the regulatory approval of
the Chinese State Administration of Foreign Exchange ("SAFE"). Accordingly,
the deadline to receive the People's Republic of China approvals has been
extended to September 30, 2016. In exchange for this extension, Geo-Jade
agreed (as of July 29, 2016, being the date of the amending agreement) that
failure to receive the SAFE approval by September 30, 2016 would entitle
Bankers to the US $20 million reverse termination fee should Bankers terminate
the Arrangement Agreement due to such failure. In addition, the parties agreed
to extend the outside date for the transaction to October 31, 2016 to provide
sufficient time to close the transaction provided that, in certain
circumstances, the outside date can be shortened to September 30, 2016.

Following successful completion of the transaction, Bankers Shares will be
delisted from the Toronto Stock Exchange ("TSX") and the AIM market of the
London Stock Exchange.

About Bankers Petroleum Ltd.

Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and
production company focused on developing large oil and gas reserves in Albania
and Eastern Europe. In Albania, Bankers operates and has the full rights to
develop the Patos-Marinza heavy oilfield, has a 100% interest in the Kuçova
oilfield, and a 100% interest in Exploration Block "F". In 2015 Bankers
acquired an 85% interest in the rights to explore the Püspökladány Block
concession within the Pannonian Basin located in north eastern Hungary. The
Bankers Shares are traded on the TSX and the AIM Market in London, England
under the stock symbol BNK.

Caution Regarding Forward-looking Information

Certain information set forth in this press release, including information and
statements which may contain words such as "could", "plans", "intends"
"should", "anticipate", "expects", "will", "propose", "opportunity", "future",
"continue", and similar expressions and statements relating to matters that
are not historical facts, contain forward-looking statements, including but
not limited to statements regarding: the proposed transaction and the
anticipated timing of closing, the timing of receipt of required regulatory
approvals and the delisting of the Bankers Shares following completion of the
transaction. By their nature, forward-looking statements are subject to
numerous risks and uncertainties, some of which are beyond Bankers' control.
Completion of the Arrangement is subject to a number of conditions, including
receipt of the approvals required by the People's Republic of China, and other
conditions which are typical for transactions of this nature. Failure to
satisfy any of these conditions or the emergence of a superior proposal may
result in the termination of the Arrangement Agreement. The foregoing list is
not exhaustive. Additional information on these and other risks that could
affect completion of the Arrangement is set forth in the Management
Information Circular of the Company dated April 19, 2016, which is available
on SEDAR at www.sedar.com. Readers are cautioned that the assumptions used in
the preparation of such information, although considered reasonable at the
time of preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements. The actual results,
performance or achievement of Bankers could differ materially from those
expressed in, or implied by, these forward-looking statements and,
accordingly, no assurance can be given that any of the events anticipated by
the forward-looking statements will transpire or occur, or if any of them do
so, what benefits that Bankers will derive therefrom. Bankers disclaims any
intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, except as
required by applicable securities laws.
 

David French, President and Chief Executive Officer, (403) 513-6930; Doug
Urch, Executive VP, Finance and Chief Financial Officer, (403) 513-2691; Laura
Bechtel, Investor Relations and Corporate Communications Specialist, (403)
513-3428; Email: investorrelations@bankerspetroleum.com; Website:
www.bankerspetroleum.com; AIM NOMAD: Canaccord Genuity Limited, Henry
Fitzgerald-O'Connor, +44 0 207 523 8000, AIM BROKER AND FINANCIAL ADVISOR:
FirstEnergy Capital LLP, Hugh Sanderson / David van Erp, +44 0 207 448 0200

 



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