OPTI Canada Announces Investment Canada Act Approval for Acquisition by CNOOC Limited
15 November 2011 - 11:03PM
Marketwired
OPTI Canada Inc. ("OPTI" or the "Company") (TSX VENTURE:OPC) is
pleased to announce that the Minister of Industry, under the
Investment Canada Act, has approved the proposed acquisition of
OPTI by indirect wholly-owned subsidiaries of CNOOC Limited (the
"Acquisition") upon determination that the transaction is likely to
be of net benefit to Canada. Completion of the Acquisition remains
conditional on satisfaction of other customary conditions. Subject
to the satisfaction or waiver of all conditions precedent, it is
anticipated that the Acquisition will be completed prior to
December 1, 2011.
More information regarding the Acquisition can be found at
www.opticanada.com or www.ey.com/ca/opti.
FORWARD-LOOKING INFORMATION
Certain statements contained herein are forward-looking
statements, including, but not limited to, statements relating to:
the completion of the Acquisition and the anticipated timing to the
close of the Acquisition. Readers are cautioned not to place undue
reliance on forward-looking information because it is possible that
expectations, predictions, forecasts, projections and other forms
of forward-looking information will not be achieved by OPTI. By its
nature, forward-looking information involves numerous assumptions,
inherent risks and uncertainties. Actual events or results may
differ materially from those projected in the forward-looking
information. Although OPTI believes that the expectations reflected
in such forward-looking statements are reasonable, OPTI can give no
assurance that such expectations will prove to be correct.
Forward-looking statements are based on current expectations,
estimates and projections that involve a number of risks and
uncertainties which could cause actual results to differ materially
from those anticipated by OPTI and described in the forward-looking
statements or information. The forward-looking statements are based
on a number of assumptions that may prove to be incorrect. In
addition to other assumptions identified herein. Other specific
assumptions and key risks and uncertainties are described elsewhere
in this document and in OPTI's other filings with Canadian
securities authorities. Forward-looking information in this news
release is provided for the purpose of providing information about
management's current expectations regarding the future. Readers are
cautioned that reliance on such information may not be appropriate
for other purposes, such as making investment decisions.
Readers should be aware that the list of assumptions, risks and
uncertainties set forth herein are not exhaustive. Readers should
refer to OPTI's current Annual Information Form, filed on SEDAR and
EDGAR and available at www.sedar.com and http://edgar.sec.gov, as
well as the Company's information circular in connection with the
Master Plan filed on SEDAR, for a detailed discussion of these
assumptions, risks and uncertainties. The forward-looking
statements or information contained in this document are made as of
the date hereof and OPTI undertakes no obligation to update
publicly or revise any forward-looking statements or information,
whether as a result of new information, future events or otherwise,
unless so required by applicable laws or regulatory policies.
Additional information relating to our Company can be found at
www.sedar.com.
Neither 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.
Contacts: OPTI Canada Inc. Krista Ostapovich Head of Investor
Relations (403) 218-4705ir@opticanada.com OPTI Canada Inc. Joe
Bradford VP Legal & Admin and Corporate Secretary (403)
249-9425 OPTI Canada Inc. Suite 1600, 555 - 4th Avenue SW, Calgary,
Canada T2P 3E7
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