Horizon Petroleum Ltd. (“Horizon” or the “Company”) (TSXV: HPL) is pleased to announce that the requisite approvals of the shareholders of Horizon and the shareholders of Iskander Energy Corp. (“Iskander”), necessary for completion of the previously announced plan of arrangement (the “Arrangement”) were obtained at the annual and special meeting of holders of common shares of Horizon and the special meeting of holders of common shares of Iskander, both held July 21, 2016. The Court of Queen’s Bench of Alberta has also granted final approval for the Arrangement.
Horizon expects to satisfy the remainder of the conditions precedent to closing of the Arrangement shortly, including completion of the previously announced private placement of Horizon. Although the arrangement agreement provides that certain conditions to completion of the Arrangement must be satisfied by June 30, 2016, Horizon and Iskander have waived completion of such conditions until July 30, 2016. A further press release announcing the closing date will be issued in due course.
About Horizon Petroleum plc
Calgary-based Horizon is focused on the appraisal and development of oil & gas reserves internationally. The management and board of Horizon consists of seasoned oil & gas professionals, with significant international experience.
For further information, please contact:
Dr. David Winter
President & CEO
+1 403 619-2957
+1 403 870 1653
David R. Robinson
VP Business Development
+1 403 399 9047
This press release contains “forward-looking statements” or “forward-looking information” (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities legislation. Such forwardlooking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Horizon. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur or be achieved. This press release contains forward-looking statements pertaining to, among other things, the following: the anticipated completion of the Arrangement and the timing thereof and the anticipated completion of a private placement of Horizon.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Horizon as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of Horizon contained in this press release, which may prove to be incorrect include the ability of Horizon and Iskander to satisfy the conditions to closing of the Arrangement; political turmoil and global events; changes in government policies and laws; estimates as to commodity prices and interest rate and exchange rate fluctuations.
Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by Horizon and described in the forward-looking information contained in this press release. Undue reliance should not be placed on forward-looking information. The material risk factors include, but are not limited to: failure of Horizon and Iskander to obtain necessary regulatory and other third party approvals, failure to realize anticipated synergies, the ability of the parties to satisfy, in a timely manner, the conditions to the closing of the Arrangement; fluctuations in commodity prices; and the possibility that government policies or laws may change or governmental approvals may be delayed or withheld. Readers are cautioned that the foregoing list of risk factors is not exhaustive.
Failure to obtain the necessary approvals, or the failure of Horizon and Iskander to otherwise satisfy the conditions of the Arrangement, may result in the Arrangement not being completed on the proposed terms, or at all. Although Horizon believes that the material factors, expectations and assumptions expressed in such forwardlooking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results, levels of activity and achievements and such statements are not guarantees of future performance. Horizon’s actual results may differ materially from those expressed or implied in forward-looking statements and readers should not place undue importance or reliance on the forward-looking statements. Statements including forward-looking statements are made as of the date they are given and, except as required by applicable securities laws, Horizon disclaims any intention or obligation to publically update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities law and may not be offered or sold in the United States absent registration or applicable exemption from those registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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.