SilverBirch Energy Corporation receives court approval for arrangement
March 31 2012 - 7:16AM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN
THE UNITED STATES/ TSX V Trading Symbol: SBE CALGARY, April 2, 2012
/CNW/ - SilverBirch Energy Corporation ("SilverBirch") is pleased
to announce that today it obtained a final order from the Court of
Queen's Bench of Alberta in respect of its previously announced
plan of arrangement (the "Arrangement") involving SilverBirch, Teck
Resources Limited ("Teck"), 8071667 Canada Inc. (the "Purchaser")
and SilverWillow Energy Corporation ("SilverWillow"). The
Arrangement involves the acquisition by the Purchaser (a wholly
owned subsidiary of Teck) of all of SilverBirch's outstanding
shares, except for those currently held by Teck. The holders
of common shares of SilverBirch ("SilverBirch Shares") will
ultimately receive, for each SilverBirch Share held, cash
consideration of $8.50 per share and one common share of
SilverWillow. SilverBirch and Teck intend to proceed with the
completion of the Arrangement on or about April 4, 2012.
Following completion of the Arrangement, it is anticipated that the
SilverBirch Shares will be delisted from the TSX Venture Exchange
and SilverBirch will apply to cease to be a reporting issuer under
the securities laws of each of the provinces of Canada in which it
is currently a reporting issuer. It is anticipated that the
common shares of SilverWillow (the "SilverWillow Shares") will
commence trading on the TSX-V on or about April 5, 2012 subject to
SilverWillow fulfilling all the applicable listing requirements.
Advisory Regarding Forward-Looking Information This news release
contains "forward-looking information" within the meaning of
applicable securities laws. The use of any of the words "will",
"intend", "anticipated" and other similar words or expressions are
intended to identify forward-looking information. More particularly
and without limitation, this news release contains forward-looking
information concerning the completion of the Arrangement, the
expected timing of the completion of the Arrangement, the delisting
of the SilverBirch Shares, the application of SilverBirch to cease
to be a reporting issuer and the date on which the SilverWillow
Shares will commence trading on the TSX-V. The forward-looking
information in this news release is based on certain key
expectations and assumptions made by SilverBirch, including
assumptions as to the time necessary to satisfy the remaining
conditions to the closing of the Arrangement and the time required
for the delisting of the SilverWillow Shares and the commencement
of trading of the SilverBirch Shares. Although SilverBirch
believes that the expectations and assumptions on which such
forward-looking information is based are reasonable, undue reliance
should not be placed on the forward-looking information because
SilverBirch can give no assurance that it will prove to be correct.
The forward-looking information in this news release is subject to
known and unknown risks and uncertainties and other factors which
may cause actual results to differ materially from those expressed
or implied in the forward-looking information. Such risks,
uncertainties and factors include, among others, the need for
additional time to satisfy the remaining conditions to the
completion of the Arrangement. Listing of the SilverWillow Shares
is conditional upon SilverWillow fulfilling the requirements of the
TSX-V and there can be no assurance that the TSX-V will list the
SilverWillow Shares. As a result of the foregoing, readers should
not place undue reliance on the forward-looking information
contained in this news release. Readers are cautioned that the
foregoing list of factors is not exhaustive. Additional information
on these and other factors that could affect the operations or
financial results of SilverBirch are included in SilverBirch's
Information Circular dated February 28, 2012 and in reports on file
with applicable securities regulatory authorities and may be
accessed through the SEDAR website www.sedar.com. The
forward-looking information contained in this news release is made
as of the date hereof and SilverBirch undertakes no obligation to
update publicly or revise any forward-looking information, whether
as a result of new information, future events or otherwise, unless
so required by applicable securities laws. 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 RELEASE
SilverBirch Energy Corporation CONTACT: please contact Howard J.
Lutley, President and Chief ExecutiveOfficer,at (403) 538-7030.
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