VANCOUVER, July 16, 2015 /CNW/ - Tapango Resources
Ltd. ("Tapango or "The Company") (NEX: TPA.H) is pleased to
announce that at the special meeting of shareholders held on
July 15, 2015, the shareholders
adopted a special resolution approving the arrangement of Tapango
(the "Arrangement"), which forms part of the business combination
(the "Transaction") between Palo Duro Energy Inc. (NEX: PDE.H)
("Palo Duro") and CarbonOne Technologies Inc. ("CarbonOne"). The
resolution was passed by 100% of the votes cast by shareholders
present or represented by proxy at the meeting. As required
under TSX Venture Exchange Policy 5.9 and Multilateral Instrument
61-101, Tapango also received minority shareholder approval for the
Arrangement (more than 50% of the common shares of Tapango held by
minority shareholders having been voted in favour). Tapango
will be making an application to the Supreme Court of British Columbia on July 17, 2015 for a final order approving the
Arrangement.
Closing of the Transaction is subject to, among other things,
stock exchange and court approvals. In addition, the closing of the
Transaction is subject to the completion of a minimum $1,250,000 private placement.
Information regarding the Transaction and Tapango is available
in the joint management information circular prepared by Tapango,
Palo Duro and CarbonOne in connection with the special meeting,
which is available at www.sedar.com.
Trading Halt
Trading in Tapango's shares is currently halted and the halt is
expected to remain in place until the closing of the Transaction.
Upon completion of the Transaction, Tapango's shares will be
delisted from the NEX Board of the TSX-V.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Completion of the Transaction is subject to a number of
conditions, including Exchange acceptance and final court approval.
There can be no assurance that the Transaction will be completed as
proposed or at all.
Investors are cautioned that, except as disclosed in the
joint management information circular prepared in connection
with the Transaction, any information released or received with
respect to the Transaction may not be accurate or complete and
should not be relied upon. Trading in the securities of the Company
should be considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits
of the proposed Transaction and has neither approved nor
disapproved the contents of this press release .
This news release contains certain forward-looking
information and forward-looking statements within the meaning of
applicable securities legislation (collectively "forward-looking
statements"). The Company cautions the reader
that there is no guarantee that any of the potential outcomes of
the Transaction will actually occur or be finalized. Certain
information contained herein constitutes "forward-looking
information" under Canadian securities legislation. Forward-looking
information includes, but is not limited to, statements with
respect to the completion of the Transaction. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as "is expected to" or variations
of such words and phrases or statements that certain actions,
events or results "will" occur. Forward-looking statements are
based on the opinions and estimates of management as of the date
such statements are made and they are subject to known and unknown
risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of the
Company to be materially different from those expressed or implied
by such forward-looking statements or forward-looking information,
including: the receipt of all necessary approvals, the ability to
conclude the Transaction, and the trading halt and delisting of the
Company's shares. Although management of the Company has attempted
to identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements or forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements and forward looking information. The Company undertakes
to update any forward-looking statements or forward-looking
information that are incorporated by reference herein, except as
required by applicable securities laws.
SOURCE Tapango Resources Ltd.