CALGARY, May 31, 2016 /PRNewswire/ - Bankers
Petroleum Ltd. ("Bankers" or the "Company") (TSX: BNK, AIM: BNK) is
pleased to announce that it has received the approval of Bankers'
shareholders for the proposed plan of arrangement (the
"Arrangement") with affiliates of Geo-Jade Petroleum Corporation
("Geo-Jade"). 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. The Arrangement was
approved by a vote of greater than 97% of the votes cast by
Bankers' shareholders present in person or represented by proxy at
the special meeting of Bankers' shareholders held today.
Completion of the Arrangement is subject to the outstanding
regulatory approvals pursuant to the Investment Canada Act
(Canada) and the Chinese State
Administration of Foreign Exchange (SAFE). Bankers has been
advised that Industry Canada has extended the period for review
under the Investment Canada Act to June 27, 2016. Due to this extension, the
Company now anticipates closing of the Arrangement to occur in late
June or early 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.
The management information circular of Bankers dated
April 19, 2016 (the "Management
Information Circular") prepared in connection with the Arrangement
provides important information about Bankers and the Arrangement.
The Management Information Circular is available on SEDAR and
Bankers' website (www.bankerspetroleum.com).
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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 approval's required by the Investment
Canada Act (Canada) and 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 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.