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