Atikwa Resources Inc.
TSX VENTURE : ATK

Atikwa Resources Inc.

August 09, 2013 12:30 ET

Atikwa Announces Update on Proposed Business Combination With Hansar Energy Corp. and Mailing of Shareholder Meeting Materials

CALGARY, ALBERTA--(Marketwired - Aug. 9, 2013) - Atikwa Resources Inc. (TSX VENTURE:ATK) ("Atikwa" or the "Company") announces that meeting materials for the Company's annual and special meeting scheduled for August 30, 2013 (the "Meeting") have now been mailed to shareholders and posted on SEDAR at www.sedar.com. With regard to the proposed transaction with Hansar Energy Corp. ("Hansar") the Company has determined that the previously announced amalgamation and reorganization with Hansar (the "Reorganization") will not be placed before shareholders at this Meeting. Atikwa is continuing to work towards finalizing the requisite documentation and getting regulatory approval for its plan to acquire all of the Hansar assets for Common Shares of Atikwa, however as of the deadline for the mailing of the Meeting materials the requisite level of regulatory and shareholder approval, if any, had not been finalized.

At the Meeting, four new director nominees from the Hansar team will be proposed for election to the Board of Directors of Atikwa. The Company was originally introduced to the team from Hansar while conducting its strategic review and has determined that the team's experience with Manitoba light oil assets in combination with the complementary nature of the oil and gas assets owned by Hansar would be a strong fit for Atikwa's operations and future growth. Management also believes that the proposed director nominees and management have the requisite public company and industry experience to allow the Company better access to the capital markets. Current management believes that the Company's future growth and the development of its asset base will be enhanced under the direction of the Hansar team. The Board of Directors have determined that it is in the best interests of the Company that shareholders vote for the proposed new nominees and accordingly, the current members of the Company's Board of Directors will not stand for re-election. Detailed information on the proposed director nominees can be found in Atikwa's Management Information Circular dated July 31, 2013 which has been mailed to shareholders and is also available on SEDAR at www.sedar.com.

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.

This news release contains forward‐looking statements relating to the Company's plans and other aspects of the Company's anticipated future operations, strategies, financial and operating results and business opportunities. Factors such as regulatory approvals and other related and external factors may affect the forward-looking statements made in this news release. Forward‐looking statements typically use words such as "anticipate", "believe", "project", "expect", "plan", "intent" or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future, or consists of statements regarding estimates of future production, operating costs or other expectations, beliefs, plans, objectives, assumptions or statements about future events or performance. Statements regarding reserves are also forward‐looking statements, as they reflect estimates as to the expectation that the deposits can be economically exploited in the future. Although the Company believes that the expectations represented in such forward‐looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. As a consequence, actual results may differ materially from those anticipated in the forward‐looking statements and you should not unduly rely on forward‐looking statements. The forward‐looking statements contained in this news release are made as the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward‐looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A conversion ratio for gas of 6 mcf: 1 boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Contact Information

  • Atikwa Resources Inc.
    Sean Kehoe
    President and CEO
    403-233-6092