VANCOUVER,
May 16 /PRNewswire/ - (TSXV:
LEO) - Lion Energy Corp. ("Lion" or "the Company") is pleased
to announce that, further to its April 4,
2011 press release, the Company is proceeding with its
proposed business combination by way of arrangement with Africa Oil
Corp. (TSXV: AOI) ("Africa Oil").
On May 10, 2011
the Company made application for, and obtained, an Interim Order
from the Supreme Court of British
Columbia (the "Interim Order") authorizing, among other
things, the holding, on June 8, 2011,
of a special meeting of Lion shareholders (the "Meeting") in
respect of the proposed arrangement with Africa Oil (the
"Arrangement"), the form of Notice, Information Circular and Proxy
(the "Meeting Materials") to be mailed out to Lion shareholders in
respect of the Meeting, the mail out of the Meeting Materials to
Lion shareholders, and setting June 8,
2011 as the date for the hearing of the Final Order
approving the Arrangement (the "Final Order").
Further to the granting of the Interim Order,
the Company today mailed out the Meeting Materials to its
shareholders. All Lion shareholders are invited to attend the
Meeting, however only Shareholders on record as of May 4, 2011 will be permitted to vote on the
Arrangement. The Arrangement is subject to the approval of
not less than two thirds of the votes cast at the Meeting by Lion
shareholders. It has been determined that "majority of the
minority approval" will not be required to approve the Arrangement
at the Meeting.
The Company looks forward to the holding of its
June 8, 2011 Meeting and, subject to
(among other conditions) receiving shareholder approval and receipt
of the Final Order, the closing of the Arrangement with Africa
Oil.
On behalf of the Board,
LION ENERGY CORP.
John R. Nelson
President and Chief Executive Officer
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
Forward-Looking Statements:
Certain information provided in this press release constitutes
forward-looking statements. The words "anticipate", "expect",
"project", "estimate", "forecast" and similar expressions are
intended to identify such forward-looking statements. Specifically,
this press release contains forward-looking statements relating to
the Transaction. The reader is cautioned that assumptions used in
the preparation of such information, although considered reasonable
at the time of preparation, may prove to be incorrect. Actual
results will vary from the information provided herein as a result
of numerous known and unknown risks and uncertainties and other
factors. You can find a discussion of those risks and uncertainties
in our Canadian securities filings. Such factors include, but are
not limited to: the failure to obtain necessary Lion shareholder
approval with respect to the Transaction, the failure to obtain
necessary regulatory approvals or satisfy the conditions to closing
the Transaction, general economic, market and business conditions;
fluctuations in oil prices; the results of exploration and
development drilling; recompletions and related activities; timing
and rig availability, the uncertainty of reserve estimates; changes
in environmental and other regulations; risks associated with oil
and gas operations; and other factors, many of which are beyond the
control of Lion. Except as may be required by applicable securities
laws, Lion assumes no obligation to publicly update or revise any
forward-looking statements made herein or otherwise, whether as a
result of new information, future events or otherwise.
SOURCE Lion Energy Corp.