REG-Bankers Petroleum Limited: Investment Canada Act Approval for Proposed Arrangement <Origin Href="QuoteRef">BNK.TO</Origin>

Big Banc SplitAnnouncement

22/06/2016 12:05

Bankers Petroleum Announces Investment Canada Act Approval for Proposed
Arrangement 
 
 
 CALGARY, June 22, 2016 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the
"Company") (TSX: BNK, AIM: BNK) is pleased to announce that the proposed plan
of arrangement (the "Arrangement") with affiliates of Geo-Jade Petroleum
Corporation ("Geo-Jade") has received Ministerial approval under the
Investment Canada Act. Pursuant to the Arrangement, 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 Arrangement is subject to the outstanding regulatory
approval of the Chinese State Administration of Foreign Exchange (SAFE).
Bankers anticipates receipt of this approval in the coming weeks and closing
of the Arrangement to occur shortly thereafter in July. Following a successful
completion of the Arrangement the Bankers Shares will be delisted from the
Toronto Stock Exchange ("TSX") and the AIM market of the London Stock
Exchange. 
 
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 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 Arrangement 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
Arrangement. 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 the
competition authority of Albania, and other conditions which are typical for
transactions of this nature. Failure to satisfy any of these conditions, the
emergence of a superior proposal or the failure to obtain approval of Bankers'
shareholders may result in the termination of the arrangement agreement dated
March 19, 2016 providing for the Arrangement. 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, which is available on SEDAR at http://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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