VANCOUVER, March 31, 2017 /CNW/ - PMI Resources Ltd.
("PMI" or the "Company") (TSXV: PMI), is
pleased to announce that it has received conditional approval from
the TSX Venture Exchange for its proposed acquisition of PentaNova
Energy Corp. (the "Acquisition"), as previously disclosed on
January 25 and February 10, 2017. In
addition, the Company's Filing Statement dated March 30, 2017 in respect of the Acquisition has
been filed on SEDAR.
Closing of the Acquisition is anticipated to occur shortly.
The Company is relying on the exemption from the requirement
for shareholder approval pursuant to Exchange Policy 5.2 and in
that regard confirms (a) that the Acquisition is not a related
party transaction and no other circumstances exist which may
compromise the independence of the Company or other interested
parties with respect to the Acquisition; (b) the Company is
without active operations; (c) the Company is not and will not be
subject to a cease trade order and will not otherwise be suspended
from trading on completion of the Acquisition; and (d) shareholder
approval of any aspect of the Acquisition is not required under
applicable corporate or securities laws.
Trading in the common shares of the Company has been halted in
accordance with the policies of the Exchange and will remain halted
until such time as all required documentation has been filed with
and accepted by the Exchange in connection with the Company's
previously announced Patagonia acquisition and permission to resume
trading has been obtained from the Exchange.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward-Looking Information
Except for the statements of historical fact, this news
release contains "forward-looking information" within the meaning
of the applicable Canadian securities legislation that is based on
expectations, estimates and projections as at the date of this news
release. The information in this news release about the
completion of the Transaction described herein, and other
forward-looking information includes but is not limited to
information concerning the intentions, plans and future actions of
the parties to the transactions described herein and the terms of
the Transaction.
Factors that could cause actual results to differ materially
from those described in such forward-looking information include,
but are not limited to, risks related to the Company's or
PentaNova's inability to satisfy a condition precedent to the
completion of the transaction (including obtaining necessary
regulatory approvals and completion of the Offering), other risks
related to completion of the transaction and risks related to the
inability of either of the Company or PentaNova to perform its
respective obligations under the transaction.
The forward-looking information in this news release reflects
the current expectations, assumptions and/or beliefs of the Company
based on information currently available to the Company. In
connection with the forward-looking information contained in this
news release, the Company has made assumptions about the Company's
ability to complete the transaction and PentaNova's ability to
complete the acquisition of the Assets. The Company has also
assumed that no significant events occur outside of the Company's
normal course of business. Although the Company believes that the
assumptions inherent in the forward-looking information are
reasonable, forward-looking information is not a guarantee of
future performance and accordingly undue reliance should not be put
on such information due to the inherent uncertainty
therein.
Any forward-looking information speaks only as of the date on
which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to
update any forward-looking information, whether as a result of new
information, future events or results or otherwise.
SOURCE PMI Resources Ltd.