CALGARY, July 21, 2016 /PRNewswire/ - Bankers Petroleum
Ltd. ("Bankers" or the "Company") (TSX: BNK, AIM: BNK) is pleased
to provide an update on the corporate transaction with affiliates
of Geo-Jade Petroleum Corporation ("Geo-Jade") pursuant to an
arrangement agreement dated March 19,
2016 (the "Arrangement Agreement"). Pursuant to the
Arrangement Agreement, 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 Arrangement Agreement has now been
formally amended to extend the deadline to receive the People's Republic of China approvals from
June 30, 2016 to July 31, 2016. Bankers and Geo-Jade are
diligently working together towards receipt of this approval before
the end of July, and if received, the Arrangement Agreement
provides for an automatic sixty day extension of the outside date
(currently July 31, 2016, to be
extended to September 29, 2016) for
closing of the transaction to occur.
If the SAFE approval is not received by the close of business on
August 2, 2016 (being the nearest
business day to July 31, 2016), then
a further amendment to the Arrangement Agreement will be required
to extend the deadline for the receipt of the SAFE approval as well
as the outside date for closing the transaction. Both Bankers
and Geo-Jade are committed to completion of the transaction, and
such discussions are underway, inclusive of possible provisions
that would enhance the commitment of the parties.
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.
SOURCE Bankers Petroleum Ltd.
