CALGARY, ALBERTA–(Marketwired – April 25, 2016) – Long Run Exploration Ltd. (“Long Run” or the “Company”) (TSX:LRE) and Calgary Sinoenergy Investment Corp. (the “Purchaser”) have been advised by Industry Canada that the Investment Canada Act review period has been extended by 30 days to allow additional time to complete the review of the proposed plan of arrangement involving Long Run, the Purchaser and the Long Run securityholders (the “Arrangement”).
Under the Arrangement, the Purchaser has the ability to extend the outside date if the required regulatory approvals have not been received. As a result of the ongoing review under the Investment Canada Act, the Purchaser has extended the outside date from April 30, 2016 to May 30, 2016.
Long Run and the Purchaser anticipate that closing of the Arrangement will occur shortly following the receipt of approval under the Investment Canada Act. Approval of the Arrangement has been received under the Competition Act (Canada).
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.