CALGARY, Sept. 9, 2016 /PRNewswire/ - 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 Chinese State Administration of Foreign
Exchange (SAFE) approval. At this time the required regulatory
approvals for the completion of the Arrangement have been received.
Bankers anticipates completion of the Arrangement to occur in the
coming weeks, and prior to September 30,
2016. A further announcement will be made once exact timing
of the completion has been established.
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. 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.
The information communicated in this announcement is inside
information for the purposes of Article 7 of Market Abuse
Regulation 596/2014 ("MAR").
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, the
anticipated timing of closing 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
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
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 of Bankers dated April 19,
2016 in respect of a special meeting of the shareholders of
Bankers held on May 31, 2016 to
approve the Arrangement, 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.
