The proposed acquisition of Long Run Exploration Ltd (TSX: LRE) by Calgary Sinoenergy Investment Corp has received approval under the federal Investment Canada Act. The deal, announced in December, is valued at about $770 million, including debt. Based in Calgary, Long Run is an intermediate oil and natural gas company. It is backed by Canadian private equity firm Sprott Resource Corp.
Long Run Exploration Ltd. Announces Receipt of Investment Canada Approval
CALGARY, ALBERTA–(Marketwired – June 22, 2016) – Long Run Exploration Ltd. (“Long Run” or the “Company”) (TSX:LRE) is pleased to announce that Calgary Sinoenergy Investment Corp. (the “Purchaser”) has received approval under the Investment Canada Act for the acquisition of Long Run by the Purchaser pursuant to the plan of arrangement involving Long Run, the Purchaser and the Long Run securityholders (the “Arrangement”).
Long Run is working with the Purchaser in respect of the foreign exchange mechanics for the delivery of the cash consideration payable under the Arrangement. The closing of the Arrangement will occur as soon as practicable. Further information is expected to be provided by June 29, 2016.
Further details regarding the Arrangement can be found in the Company’s information circular and proxy statement dated January 29, 2016 and the addendum thereto, each filed on Long Run’s SEDAR profile at www.sedar.com.
FOR FURTHER INFORMATION
Visit the Company’s website at www.longrunexploration.com.
Forward Looking Statements
Certain information set forth in this press release, including information and statements which may contain words such as “could”, “plans”, “should”, “anticipates”, “expects”, “believes”, “will” and similar expressions and statements relating to matters that are not historical facts, contain forward-looking statements, including but not limited to statements regarding the timing of the closing of the Arrangement. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Long Run’s control. Completion of the Arrangement is subject to a number of conditions. Additional information on the risks that could affect completion of the Arrangement are set forth in the information circular and proxy statement dated January 29, 2016, which is available on SEDAR at www.sedar.com. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The actual results, performance or achievement of Long Run could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Long Run will derive therefrom. Long Run disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
William E. Andrew
Chair and Chief Executive Officer
Senior Vice President and Chief Financial Officer
Manager, Investor Relations
Photo courtesy of Long Run Exploration Ltd