CALGARY, ALBERTA–(Marketwired – Feb. 4, 2016) – Forent Energy Ltd. (“Forent” or the “Company“) (TSX VENTURE:FEN) is pleased to announce that it has signed a non-binding letter of intent with respect to a proposed plan of arrangement with Perisson Petroleum Corporation (“Perisson“). Under the plan of arrangement, each common share of Forent will be exchanged for one Perisson common share. Forent’s outstanding options will be exercisable for Perisson common shares on the basis of the same exchange ratio.
The proposed transaction is subject to a number of conditions including, but not limited to: (1) approval of the transaction by the shareholders and by the board of directors of Forent (2) Perisson, having completed a financing or series of financings for gross proceeds of not less than $40,000,000 at a deemed price of not less than $0.40 per Perisson common share, and (3) approval of the TSX Venture Exchange and all other regulatory bodies having jurisdiction in connection with the subject transaction. The parties also anticipate entering into a definitive agreement setting out in more detail the proposed terms of the arrangement.
Mr. Robyn Lore, President and CEO of Forent commented on the proposed transaction by stating, “We believe that this business combination will provide the foundation and financial ability for the company to achieve management’s goal of acquiring assets with existing production and future development opportunities.”
[expand title=”Advisories & Contact”]ADVISORY: This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Corporation does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. For more information on the Company, Investors should review the Company’s registered filings which are available at www.sedar.com.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
NEITHER THE 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.
Forent Energy Ltd.
Robyn Lore
President and CEO
(403) 262-9444 #201
rlore@forentenergy.com
Forent Energy Ltd.
Richard Wade
COO
(403) 262-9444 #211
rwade@forentenergy.com
www.forentenergy.com
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