CALGARY, Sept. 21, 2016 /CNW/ - ArPetrol Ltd. ("ArPetrol"
or the "Company") announces the completion of the initial
distribution to its shareholders ("Shareholders") of a portion of
the net proceeds from the sale of substantially all of its assets
to a subsidiary of Empresa Nacional Del Petroleo, which closed on
May 19, 2016 (the "Transaction"). The
Company also announces the delisting of its commons shares
("Shares") from the TSX Venture Exchange ("TSXV"), as well as
certain board and management changes.
First Distribution and Delisting
In line with prior
announced plans, on September 20,
2016, the Company completed an initial distribution to
Shareholders in the aggregate amount of Cdn $8,996,187, or Cdn $0.40 per Share, in furtherance of the
liquidation and ultimate dissolution of ArPetrol. Further
details regarding the amount of funds remaining available for
future distribution to Shareholders will be provided in due
course.
Also in line with the Company's prior announced plans, ArPetrol
announces the delisting of its Shares from the TSXV, which became
effective at the close of markets on September 20, 2016.
Board of Directors and Management Changes
The
Company has accepted the resignation of Jeffery Boyce and Tim
Thomas as members of the Board of Directors, and
Ian Habke as President and CFO, each
to be effective September 30,
2016. These changes reflect the evolving personnel
requirements of the Company as it proceeds towards the liquidation
of its remaining assets and its ultimate dissolution.
The Company would like to thank Mr. Boyce, Mr. Thomas and Mr.
Habke for their dedication and service to ArPetrol and wishes them
success in all their future endeavours.
Cancellation of Stock Options
The Company also
announces that it intends to cancel all of its outstanding stock
options for nominal consideration, effective September 30, 2016.
About ArPetrol Ltd.
ArPetrol is a Calgary-based
company whose Shares were previously traded on the TSXV. The
Company has completed a sale of substantially all of its assets
pursuant to the Transaction and no longer has active business
operations. The Company is currently in the process of working
towards the liquidation of its remaining assets and its ultimate
dissolution.
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 liquidation and dissolution of the
Company, the resignation of certain directors and management of the
Company and the cancellation of the Company's outstanding stock
options. 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.
There are a number of risk factors associated with the
completion of the liquidation and dissolution of the Company, and
the amount and timing of distributions to be made to Shareholders
that could cause actual results to differ materially from those
anticipated by the Company, including but not limited to, risks of
negative working capital adjustments and/or indemnity claims
against the Company in connection with the Transaction,
uncertainties regarding the actual transaction and dissolution
costs and obligations and liabilities (including potential tax
obligations) of the Company, changes in currency exchange rates and
uncertainty regarding the ability to recover costs related to the
ASSUPA lawsuit. Readers should also refer to "Forward Looking
Statements" and "Meeting Matters – Approval of the Asset Sale
Transaction and - Risk Factors Associated with the Asset Sale
Transaction" in the Company's Information Circular dated
April 4, 2016 filed on SEDAR at
www.sedar.com for a further discussion of the risks associated with
the distributions to be made to Shareholders.
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.
SOURCE ArPetrol Ltd.