CALGARY, June 22, 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 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.
------------
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
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.