Antrim Energy Inc.
TSX VENTURE : AEN

Antrim Energy Inc.

November 16, 2016 02:00 ET

Antrim Announces Sale of Ireland Subsidiary

CALGARY, ALBERTA--(Marketwired - Nov. 16, 2016) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.

Antrim Energy Inc. ("Antrim" or the "Corporation") (TSX VENTURE:AEN), an international oil and gas exploration company, today announced that it has entered into an agreement (the "Agreement") with AzEire Ltd. ("AzEire") pursuant to which, subject to the terms and conditions of the Agreement, AzEire has agreed to purchase from the Corporation all of the issued and outstanding shares in the capital of Antrim's Ireland subsidiary, Antrim Exploration (Ireland) Limited ("Antrim Ireland") for US $250,000 in cash, subject to certain post-closing adjustments (the "Transaction"). Closing of the Transaction is expected to occur by November 25, 2016.

The Corporation has entered into the Transaction in furtherance of its efforts towards the proposed voluntarily dissolution of the Corporation approved by the Corporation's shareholders on August 30, 2016. Further details regarding the implementation of the dissolution will be provided through news release(s) of Antrim.

"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 statements or disclosures that may constitute forward-looking statements or information ("forward-looking statements") under applicable securities laws. All statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that management or the directors of the Corporation, anticipate or expect may or will occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by terms such as "forecast", "future", "may", "will", "expect", "anticipate", "believe", "potential", "enable", "plan", "continue", "contemplate",
"pro forma" or other comparable terminology.

Forward-looking statements presented in such statements or disclosures may, among other things, relate to the anticipated timing, consideration and completion of the Transaction. Various assumptions or factors are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements.

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, including the risk that the Transaction is delayed or is not completed for any reason.

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.

Contact Information

  • Antrim Energy Inc.
    Anthony Potter
    President,
    Chief Executive Officer and Chief Financial Officer
    + 1 403 264 5111
    potter@antrimenergy.com