International Petroleum Corporation publishes prospectus for
issuance of new IPC common shares in connection with the
acquisition of BlackPearl Resources Inc.
International Petroleum Corporation (“IPC”)
(TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC’s
prospectus for the proposed issuance of new common shares of IPC to
the securityholders of BlackPearl Resources Inc. (“BlackPearl”) in
connection with the acquisition by IPC of BlackPearl (the
“Acquisition”) has been approved.
The prospectus was approved by and registered
with the Swedish Financial Supervisory Authority (Sw.
Finansinspektionen) today. The prospectus is available on IPC’s
website (www.international-petroleum.com) and will be available on
the Swedish Financial Supervisory Authority’s website
(www.fi.se).
The completion of the Acquisition and the
issuance of new IPC common shares to BlackPearl securityholders
remains subject to the satisfaction or waiver of the remaining
conditions to the Acquisition, including approval by the IPC
shareholders and the BlackPearl securityholders at the special
meetings scheduled for December 7, 2018. The completion of the
Acquisition is expected to occur on or around December 14, 2018.
The first day of trading of the new IPC common shares on Nasdaq
Stockholm is expected to be on or around December 21, 2018.
International Petroleum Corp. (IPC) is an
international oil and gas exploration and production company with a
high quality portfolio of assets located in Canada, Malaysia and
Europe, providing a solid foundation for organic and inorganic
growth. IPC is a member of the Lundin Group of Companies. IPC is
incorporated in Canada and IPC’s shares are listed on the Toronto
Stock Exchange (TSX) and the Nasdaq Stockholm exchange under the
symbol "IPCO".
For further information, please contact:
Rebecca GordonVP Corporate
Planning and Investor
Relationsrebecca.gordon@international-petroleum.comTel: +41 22 595
10 50 |
|
Robert ErikssonMedia
Managerreriksson@rive6.chTel: +46 701 11 26 15 |
Forward-Looking Statements This
press release contains statements and information which constitute
"forward-looking statements" or "forward-looking information"
(within the meaning of applicable securities legislation). Such
statements and information (together, "forward-looking statements")
relate to future events, including the Corporation's future
performance, business prospects or opportunities. Actual results
may differ materially from those expressed or implied by
forward-looking statements. The forward-looking statements
contained in this press release are expressly qualified by this
cautionary statement. Forward-looking statements speak only as of
the date of this press release, unless otherwise indicated. IPC
does not intend, and does not assume any obligation, to update
these forward-looking statements, except as required by applicable
laws.
All statements other than statements of
historical fact may be forward-looking statements. Any statements
that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, forecasts, guidance,
budgets, objectives, assumptions or future events or performance
(often, but not always, using words or phrases such as "seek",
"anticipate", "plan", "continue", "estimate", "expect", "may",
"will", "project", “forecast”, "predict", "potential", "targeting",
"intend", "could", "might", "should", "believe", "budget" and
similar expressions) are not statements of historical fact and may
be "forward-looking statements". Forward-looking statements
include, but are not limited to, statements with respect to: timing
and certainty regarding completion of the BlackPearl transaction,
including fulfilling the conditions precedent to such completion;
the ability of IPC to maintain stable long-term production and take
advantage of growth and development upside opportunities
post-completion of the BlackPearl transaction; the ability of IPC
to integrate the assets and personnel of BlackPearl; any combined
market capitalization, production, financial and net asset values
figures in respect of IPC post-completion of the BlackPearl
transaction, including reserves and resources; the process for
completing the BlackPearl transaction; the ability IPC and
BlackPearl to obtain necessary approvals and otherwise satisfy the
conditions to closing the BlackPearl transaction; the absence of
material events which may interfere with the BlackPearl transaction
being completed. Statements relating to "reserves" and "contingent
resources" are also deemed to be forward-looking statements, as
they involve the implied assessment, based on certain estimates and
assumptions, that the reserves and resources described exist in the
quantities predicted or estimated and that the reserves and
resources can be profitably produced in the future. Ultimate
recovery of reserves or resources is based on forecasts of future
results, estimates of amounts not yet determinable and assumptions
of management.
The forward-looking statements are based on
certain key expectations and assumptions made by IPC, including
expectations and assumptions concerning: prevailing commodity
prices and currency exchange rates; applicable royalty rates and
tax laws; interest rates; future well production rates and reserve
and contingent resource volumes; operating costs; the timing of
receipt of regulatory approvals; the performance of existing wells;
the success obtained in drilling new wells; anticipated timing and
results of capital expenditures; the sufficiency of budgeted
capital expenditures in carrying out planned activities; the
timing, location and extent of future drilling operations; the
successful completion of acquisitions and dispositions; the
benefits of acquisitions; the state of the economy and the
exploration and production business in the jurisdictions in which
IPC operates and globally; the availability and cost of financing,
labour and services; and the ability to market crude oil, natural
gas and natural gas liquids successfully.
Although IPC believes that the expectations and
assumptions on which such forward-looking statements are based are
reasonable, undue reliance should not be placed on the
forward-looking statements because IPC can give no assurances that
they will prove to be correct. Since forward-looking statements
address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results could
differ materially from those currently anticipated due to a number
of factors and risks. These include, but are not limited to: the
risks associated with the oil and gas industry in general such as
operational risks in development, exploration and production;
delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainty of
estimates and projections relating to reserves, resources,
production, revenues, costs and expenses; health, safety and
environmental risks; commodity price and exchange rate
fluctuations; interest rate fluctuations; marketing and
transportation; loss of markets; environmental risks; competition;
incorrect assessment of the value of acquisitions; failure to
complete or realize the anticipated benefits of acquisitions or
dispositions; the ability to access sufficient capital from
internal and external sources; failure to obtain required
regulatory and other approvals; and changes in legislation,
including but not limited to tax laws, royalties and environmental
regulations. Readers are cautioned that the foregoing list of
factors is not exhaustive.
Additional information on these and other
factors that could affect IPC, or its operations or financial
results, are included in the Corporation’s Annual Information Form
(AIF) for the year ended December 31, 2017 (See “Cautionary
Statement Regarding Forward-Looking Information”, “Reserves and
Resources Advisory” and “Risk Factors”) and other reports on file
with applicable securities regulatory authorities, including
previous financial reports, management’s discussion and analysis
and material change reports, which may be accessed through the
SEDAR website (www.sedar.com) or IPC's website
(www.international-petroleum.com).
Additional information on these and other
factors that could affect BlackPearl, or its operations or
financial results, are included in BlackPearl’s Annual Information
Form for the year ended December 31, 2017 (See “Cautionary
Statement Regarding Forward-Looking Information”, “Reserves and
Resources Advisory” and “Risk Factors”) and other reports on file
with applicable securities regulatory authorities, including
previous financial reports, management’s discussion and analysis
and material change reports, which may be accessed through the
SEDAR website (www.sedar.com) or BlackPearl’s website
(www.blackpearlresources.ca).
- IPC PR V5 Prospectus - BlackPearl 28-11-18
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