BANKERS PETROLEUM ANNOUNCES
SAFE APPROVAL FOR PROPOSED ARRANGEMENT
CALGARY, September 9, 2016 – Bankers Petroleum Ltd.
(“Bankers” or the “Company”) (TSX: BNK, AIM: BNK) is pleased to
announce that the proposed plan of arrangement (the "Arrangement")
with affiliates of Geo-Jade Petroleum Corporation ("Geo-Jade") has
received Chinese State Administration of Foreign
Exchange (SAFE) approval. At this time the required regulatory
approvals for the completion of the Arrangement have been received.
Bankers anticipates completion of the Arrangement to occur in the
coming weeks, and prior to September 30,
2016. A further announcement will be made once exact timing
of the ?completion has been established.
Pursuant to the Arrangement, 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. Following a successful completion of the
Arrangement the Bankers Shares will be delisted from the Toronto
Stock Exchange ("TSX") and the AIM market of the London Stock
Exchange.
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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.
For further information, contact:
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 Specialis |
(403)
513-3428 |
Email: investorrelations@bankerspetroleum.com
Website: http://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
The information communicated in this
announcement is inside information for the purposes of Article 7 of
Market Abuse Regulation 596/2014 ("MAR").
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 Arrangement, the anticipated timing of
closing and the delisting of the Bankers Shares following
completion of the Arrangement. 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 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 dated March 19, 2016 providing for the Arrangement. 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 Bankers dated
April 19, 2016 in respect of a
special meeting of the shareholders of Bankers held on May 31, 2016 to approve the Arrangement, 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.