07:03:28 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Bankers Petroleum Ltd (2)
Symbol BNK
Shares Issued 261,557,384
Close 2016-07-29 C$ 2.02
Market Cap C$ 528,345,916
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Bankers extends closing of Geo-Jade deal to Oct. 31

2016-07-30 01:25 ET - News Release

Mr. David French reports

BANKERS PETROLEUM ANNOUNCES CORPORATE TRANSACTION EXTENSION

Bankers Petroleum Ltd. has finalized an extension for the corporate transaction with affiliates of Geo-Jade Petroleum Corp. pursuant to an arrangement agreement dated March 19, 2016. The arrangement agreement provides that Geo-Jade will acquire all the issued and outstanding common shares of Bankers through its affiliates at a cash price of $2.20 per Bankers share.

Completion of the transaction remains subject to the regulatory approval of the Chinese State Administration of Foreign Exchange (SAFE). Accordingly, the deadline to receive the People's Republic of China approvals has been extended to Sept. 30, 2016. In exchange for this extension, Geo-Jade agreed (as of July 29, 2016, being the date of the amending agreement) that failure to receive the SAFE approval by Sept. 30, 2016, would entitle Bankers to the $20-million (U.S.) reverse termination fee, should Bankers terminate the arrangement agreement due to such failure. In addition, the parties agreed to extend the outside date for the transaction to Oct. 31, 2016, to provide sufficient time to close the transaction provided that, in certain circumstances, the outside date can be shortened to Sept. 30, 2016.

Following successful completion of the transaction, Bankers' shares will be delisted from the Toronto Stock Exchange and the Alternative Investment Market of the London Stock Exchange.

We seek Safe Harbor.

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