CALGARY, May 13, 2016 /CNW/ - ArPetrol Ltd. ("ArPetrol" or
the "Company") is pleased to announce that it has received approval
from the holders of common shares of ArPetrol ("Shareholders") for
the previously announced sale of substantially all of its assets
(the "Transaction") to Empresa Nacional Del Petróleo, the state
owned oil and gas company of Chile, and its subsidiary ENAP Sipetrol
Argentina S.A. Shareholder approval of the Transaction was received
at the Annual and Special Meeting of Shareholders held in
Calgary, Alberta on May 13, 2016 (the "Meeting"). The Transaction was
approved by approximately 94% of the common shares voted at
the Meeting. The Company has also received the conditional approval
of the TSX Venture Exchange ("TSXV") to the Transaction and, as
such, receipt of the Shareholder approval removed the last
significant condition required to be met prior to the closing of
the Transaction which is scheduled for May
19, 2016 ("Closing").
At the Meeting, the Shareholders also approved the voluntary
liquidation and dissolution of the Company and the delisting of the
common shares from the TSXV in connection with the Transaction. The
Company does not currently intend to apply for delisting from the
TSXV until after the first distribution, but the TSXV may on its
own initiative delist the Common Shares or transfer the listing to
the NEX Board. Also approved at the Meeting was the reelection of
all Directors and the reappointment of Deloitte as Company
auditors. Further details in respect of the Transaction and
these related matters, including expectations with respect to the
timing and amount of distributions to be made to
Shareholders, can be found in the Company's Information
Circular dated April 4, 2016 (the "Information Circular")
which was mailed to Shareholders in connection with the Meeting and
is available under the Company's profile on the SEDAR website at
www.sedar.com.
About ArPetrol Ltd.
ArPetrol is a Calgary-based
publicly traded company engaged in oil and natural gas exploration,
development and production and third-party natural gas processing
in Argentina, where it owns and
operates a gas processing facility with capacity of 85 mmcf/d. The
Company's common shares are listed on the TSX Venture Exchange
("TSXV") under the symbol "RPT".
Forward-Looking Information
Certain information provided in this press release constitutes
forward-looking statements and information within the meaning of
applicable securities laws. Specifically, and without limitation,
this press release contains forward-looking statements and
information relating to the anticipated timing for Closing and
delisting of the common shares. Forward‐looking information
typically contains statements with words such as "anticipate",
"believe", "forecast", expect", "plan", "intend", "estimate",
"propose", "project", or similar words suggesting future outcomes.
The Company cautions readers and prospective investors in the
Company's securities not to place undue reliance on forward‐looking
information as, by its nature, it is based on current expectations
regarding future events that involve a number of assumptions,
inherent risks and uncertainties, which could cause actual results
to differ materially from those anticipated by the Company.
In respect of the forward-looking statements and information set
out in this press release, the Company has provided such in
reliance on certain assumptions that it believes are reasonable at
this time, including assumptions as to operations and revenues
continuing in the normal course without disruption, the ability of
the Company to satisfy, in a timely manner, all remaining
conditions to Closing and the delisting process of the TSXV.
There are a number of risk factors associated with the
completion of the Transaction that could cause actual results to
differ materially from those anticipated by the Company, including
but not limited to risks and uncertainties inherent in the nature
of the Transaction including the risk of a material adverse change
to the Company's assets or revenue occurring prior to Closing or
other events which may impact the ability of the remaining
conditions to Closing to be satisfied or the TSXV delisting the
common shares earlier than expected. Readers should also refer
to "Forward Looking Statements" and "Meeting Matters – Approval of
the Asset Sale Transaction - Risk Factors Associated with the
Asset Sale Transaction and – Approval of Voluntary Delisting of the
Common Shares from the TSXV – Risk Factors for Delisting" in
the Information Circular for a further discussion of the risks
associated with the Transaction.
The forward‐looking information included herein is expressly
qualified in its entirety by this cautionary statement. The
forward‐looking information included herein is made as of the date
hereof and the Company assumes no obligation to update or revise
any forward‐looking information to reflect new events or
circumstances, except as required by law.
Additional information relating to the Company is also available
on SEDAR at www.sedar.com.
Neither the TSXV nor its Regulation Services Provider (as
defined in the policies of the TSXV) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE ArPetrol Ltd.