Atikwa Resources Inc.

Atikwa Resources Inc.

September 03, 2013 12:28 ET

Atikwa Announces Definitive Agreement for Hansar Acquisition and Successful Outcome of Shareholders Meeting

CALGARY, ALBERTA--(Marketwired - Sept. 3, 2013) - Atikwa Resources Inc. (TSX VENTURE:ATK) ("Atikwa" or the "Company") is pleased to announce that it has completed its ongoing negotiations with Hansar Energy Corp. ("Hansar") regarding the terms of the Company's acquisition of all of the issued and outstanding equity interests of Hansar, previously announced by news release dated August 22, 2013. On August 29th, the Company and its wholly-owned subsidiary entered into a definitive amalgamation agreement with Hansar (the "Amalgamation Agreement"), which will effectively combine the assets and operations of Atikwa and Hansar. The acquisition of Hansar contemplated under the Amalgamation Agreement is subject to a number of conditions, including all necessary regulatory and Hansar securityholder approvals. Provided all conditions are satisfied, the former securityholders of Hansar will receive common shares and/or warrants of Atikwa (approximately 67.27 million Atikwa common shares and approximately 3.02 million Atikwa common share purchase warrants, in aggregate) in exchange for their Hansar securities, based upon a deemed value of $0.05 per Atikwa common share. Sean Kehoe, outgoing President and CEO of Atikwa, stated: "The signing of the Amalgamation Agreement with Hansar represents the culmination of many months of hard work by our management team after the Hansar assets and the team associated with those assets were introduced to us during the strategic review process undertaken by the Company beginning in October 2012. I am confident the Hansar acquisition will create significant added value for Atikwa's shareholders, due to the high quality and complementary nature of Hansar's asset base."

In addition, the Company is pleased to announce that the shareholders of Atikwa duly elected, as directors, all four of the nominees proposed by management at the Company's annual and special meeting of shareholders held in Calgary on Friday, August 30th. As a result, the new directors of Atikwa are: Paul Baay, Lindsey Mitchell, Trevor Mitzel and Andrew Watts. The new board of directors and management team (led by Andrew Watts, future President and CEO) will be working with the former management of Atikwa to ensure a smooth transition in the business and affairs of the Company.

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.

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  • Atikwa Resources Inc.
    Andrew Watts