Bankers Petroleum Limited Bankers Petroleum - Corporate transaction extension

 
TIDMBNK 
 
Bankers Petroleum announces corporate transaction extension 
 
CALGARY, July 30, 2016 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the 
"Company") (TSX: BNK, AIM: BNK) is pleased to announce that it has finalized an 
extension for the corporate transaction with affiliates of Geo-Jade Petroleum 
Corporation ("Geo-Jade") pursuant to an arrangement agreement dated March 19, 
2016 (the "Arrangement Agreement"). The Arrangement Agreement provides that 
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 transaction remains subject to the regulatory approval of the 
Chinese State Administration of Foreign Exchange ("SAFE"). Accordingly, the 
deadline to receive the People's Republic of China approvals has been extended 
to September 30, 2016. In exchange for this extension, Geo-Jade agreed (as of 
July 29, 2016, being the date of the amending agreement) that failure to 
receive the SAFE approval by September 30, 2016 would entitle Bankers to the US 
$20 million reverse termination fee should Bankers terminate the Arrangement 
Agreement due to such failure. In addition, the parties agreed to extend the 
outside date for the transaction to October 31, 2016 to provide sufficient time 
to close the transaction provided that, in certain circumstances, the outside 
date can be shortened to September 30, 2016. 
 
Following successful completion of the transaction, 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 transaction 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 transaction. 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 other 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. 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 the 
Company dated April 19, 2016, 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. 
 
 
David French, President and Chief Executive Officer, (403) 513-6930; Doug Urch, 
Executive VP, Finance and Chief Financial Officer, (403) 513-2691; Laura 
Bechtel, Investor Relations and Corporate Communications Specialist, (403) 
513-3428; Email: investorrelations@bankerspetroleum.com; Website: 
www.bankerspetroleum.com; AIM NOMAD: Canaccord Genuity Limited, Henry 
Fitzgerald-O'Connor, +44 0 207 523 8000, AIM BROKER AND FINANCIAL ADVISOR: 
FirstEnergy Capital LLP, Hugh Sanderson / David van Erp, +44 0 207 448 0200 
 
 
 
 
 
 
END
(END) Dow Jones Newswires
August 01, 2016 02:00 ET (06:00 GMT)
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