CALGARY, ALBERTA–(Marketwired – Feb. 6, 2015) –
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Arcan Resources Ltd. (TSX VENTURE:ARN) (“Arcan” or the “Company“) announces today that the closing of the exchange of its $86.25 million 6.25% convertible unsecured subordinated debentures due February 28, 2016 and $85.0 million 6.50% convertible unsecured subordinated debentures due October 31, 2018 (collectively, the “Debentures“) into equity (the “Exchange Transaction“) will not occur on February 6, 2015 as previously announced. Arcan has agreed with the ad hoc committee of holders of the Debentures to extend the outside date of the Exchange Transaction for a short period to allow for the completion of certain conditions to closing. Arcan expects that closing of the Exchange Transaction will occur mid to late next week.
About Arcan Resources Ltd.
Arcan Resources Ltd. is an Alberta, Canada corporation that is principally engaged in the exploration, development and acquisition of petroleum and natural gas located in the Western Canada Sedimentary Basin. Additional information about the Company, including the Company’s annual information form for the year ended December 31, 2013, is available under Arcan’s profile on SEDAR at www.sedar.com.
This document contains forward-looking information within the meaning of applicable securities laws. The use of any of the words “will”, “expect” and similar expressions are intended to identify forward looking information. More particularly, this press release contains forward-looking information concerning, among other things, the completion of the Exchange Transaction and the timing thereof.
Forward-looking information is based on certain key expectations and assumptions made by Arcan, including expectations and assumptions concerning timing of receipt of required TSXV approvals and the satisfaction or waiver of all of the other conditions precedent to the completion of the Exchange Transaction.
Although Arcan believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Arcan can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These risks include, but are not limited to: TSXV and third party approvals and consents may not be obtained on terms that are satisfactory or within the timelines required; all of the conditions precedent to the completion of the Exchange Transaction may not be satisfied on the timelines required or at all; for reasons currently unforeseen the Exchange Transaction may not be completed on the timeline anticipated or at all; the Company may have difficulties meeting the listing criteria of the TSXV in the future; and certain other risks detailed from time to time in Arcan’s public disclosure documents including, without limitation, those risks identified in this press release, and in Arcan’s annual information form, copies of which are available under Arcan’s profile on SEDAR at www.sedar.com.
The forward-looking statements contained in this press release are made as of the date hereof and Arcan undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Arcan Resources Ltd.
Chief Executive Officer
Arcan Resources Ltd.