CALGARY, ALBERTA--(Marketwired - Jan. 9, 2017) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE U.S.
Antrim Energy Inc. ("Antrim" or "the Corporation") (TSX VENTURE:AEN), today announced the Corporation intends to delist the Antrim shares from the TSX Venture Exchange, which delisting is anticipated to occur at the close of business on January 20, 2017.
As previously announced, it is expected that Antrim shareholders will receive the net proceeds of the liquidation (the "Distribution") to be made following the discharge of the Corporation's remaining liabilities and receipt of applicable tax clearance certificates.
The amount of the Distribution will be determined after repaying the Corporation's obligations and reviewing potential tax and other liabilities of Antrim and its subsidiaries, including the costs of winding up the business and affairs of Antrim and its subsidiaries. The Corporation does not intend to make any Distribution prior to receipt of the applicable tax clearance certificates. The current estimated amount of the Distribution remains Cdn. $0.05 per Common Share. It is not possible to predict when the tax clearance certificates could be obtained as their receipt is outside of the control of the Corporation. The Corporation will provide further updates on the expected timing and process for the Distribution.
The Corporation cautions investors that no Distributions or returns of capital have been declared by the Board at this time. Notwithstanding receipt of shareholder approvals for the matters described above, the Board may at any time determine that the Dissolution of the Corporation is not the best alternative for maximizing shareholder value and decide not to proceed to implement the proposed transactions.
Antrim's third quarter 2016 interim report (including management's discussion and analysis and consolidated financial statements), is available on SEDAR and our website. Visit www.antrimenergy.com for more information.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Forward-Looking and Cautionary Statements
This press release contains certain forward-looking statements and forward-looking information which are based on Antrim's internal reasonable expectations, estimates, projections, assumptions and beliefs as at the date of such statements or information. Forward-looking statements often, but not always, are identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "targeting", "forecast", "achieve" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements and information. Antrim believes that the expectations reflected in those forward-looking statements and information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements and information included in this press release should not be unduly relied upon. Such forward-looking statements and information speak only as of the date of this press release and Antrim does not undertake any obligation to publicly update or revise any forward-looking statements or information, except as required by applicable laws.
Forward-looking statements presented in such statements or disclosures may, among other things, relate to: the structure of the Distribution, the timing and completion of the Distribution and the Dissolution, the liabilities and obligations of the Corporation's, cash distributions, estimated costs of the Dissolution, anticipated income taxes, plans and objectives of management in connection with the Distribution and the Dissolution and operations until the Distribution and the Dissolution, final costs of the Dissolution, the nature and results of operations until completion of the Distribution and the Dissolution and the timing of any potential de-listing from the TSXV.
Various assumptions or factors are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Those assumptions and factors are based on information currently available to the Corporation. In some instances, material assumptions and factors are presented or discussed elsewhere in this press release in connection with the statements or disclosure containing the forward-looking statements.
Shareholders are cautioned that the following list of material factors and assumptions is not exhaustive. The factors and assumptions include, but are not limited to:
- assumptions made in the "Risks and Uncertainties" section of the MD&A; and
- no significant event occurring outside the ordinary course of business such as a natural disaster or other calamity relating to the Corporation's properties.
The forward-looking statements or disclosures in this press release are based (in whole or in part) upon factors which may cause actual results, performance or achievements of the Corporation to differ materially from those contemplated (whether expressly or by implication) in the forward-looking statements. Those factors are based on information currently available to the Corporation including information obtained by the Corporation from third party sources. Actual results or outcomes may differ materially from those predicted by such statements or disclosures. While the Corporation does not know what impact any of those differences may have, its business, results of operations, financial condition and its credit stability may be materially adversely affected. Factors that could cause actual results, performance, achievements or outcomes to differ materially from the results expressed or implied by forward-looking statements include, among other things:
- the failure to complete the Dissolution and the Distribution;
- the failure to realize the anticipated benefits of the Dissolution and the Distribution, including as a result of any delay in implementing the Dissolution or Distribution, an increase in anticipated windup costs; and
- the risks associated with legislative and regulatory developments or changes that may affect costs, taxes, revenues and general economic conditions in geographic areas where the Corporation and its subsidiaries operate, timing and extent of changes in prevailing interest rates, currency exchange rates and changes in counterparty risk.
Readers are also specifically referred to "Dissolution of the Corporation - Risk Factors" in the Corporation's Management Information Circular dated July 26, 2016 available on Antrim's SEDAR profile at www.sedar.com for additional assumptions and risk factors relating to the proposed Dissolution.
The Corporation cautions shareholders that the above list of risk factors is not exhaustive. Other factors which could cause actual results, performance, achievements or outcomes to differ materially from those contemplated (whether expressly or by implication) in the statements or disclosure containing forward looking statements are disclosed in the Corporation's publicly filed disclosure documents.
The forward-looking statements contained in this analysis are expressly qualified by this cautionary statement. The Corporation is not obligated to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws. Because of the risks, uncertainties and assumptions contained herein, readers should not place undue reliance on forward-looking statements or disclosures. The foregoing statements expressly qualify any forward looking statements contained herein.