Centric Energy Corp.
TSX VENTURE : CTE

Centric Energy Corp.

February 14, 2011 12:07 ET

Centric Energy Corp.: Shareholders Approve Acquisition by Africa Oil Corp.

LONDON, ENGLAND--(Marketwire - Feb. 14, 2011) - Centric Energy Corp. ("Centric" or "the Company") (TSX VENTURE:CTE) is pleased to announce the results of the special shareholder meeting held on February 11, 2011, to vote on the acquisition of Centric Energy Corp by Africa Oil Corp. ("Africa Oil" or "AOC") (TSX VENTURE:AOI)(OMX:AOI) (the "Transaction"). Details of the Transaction are contained in the Company's Information Circular dated January 5th, 2011, a copy of which is available on the Company's SEDAR profile at www.sedar.com.

Of the votes cast at the meeting, 98.74 per cent voted in favor of the Transaction. Approval of the Transaction required an affirmative vote of at least two-thirds of the aggregate votes cast by Centric shareholders present in person and by proxy at the meeting. The transaction was therefore approved.

The closing of the Transaction is also subject to receipt of regulatory, court and other approvals and other customary conditions precedent and is currently scheduled for February 22nd, 2011.

ON BEHALF OF CENTRIC ENERGY CORP.

Alec Robinson, President and Chief Executive Officer

Forward Looking Statements

This press release includes "forward-looking statements" within the meaning of Canadian securities laws, including Canadian Securities Administrators' National Instrument 51-102 Continuous Disclosure Obligations. Forward-looking statements are commonly identified by such terms and phrases as "scheduled", "would", "may", "will", "expects" or "expected to" and other terms with similar meaning indicating possible future events or actions or potential impact on the businesses or shareholders of Africa Oil Corp. and Centric Energy Corp. Such statements include, but are not limited to, statements about the anticipated closing of the Transaction. There is no assurance that the proposed transaction contemplated in this press release will be completed as currently scheduled, completed at all, or completed upon the same terms and conditions described.

The factors that could cause actual results to differ materially from those set forth in the forward-looking statements include the ability to obtain required approvals of the combination on the proposed terms and schedule. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the periodic reports filed by both Africa Oil and Centric.

All forward-looking statements in this press release are expressly qualified by information contained in Centric's filings with regulatory authorities and Centric does not undertake to publicly update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.

Shareholders can obtain a copy of the information circular, as well as copies of Centric and Africa Oil's periodic filings, on the SEDAR website (www.sedar.com).

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Centric Energy Corp.
    Alec E. Robinson
    Toll Free: +1 (800) 962-7189 or +44 207 222 8512
    www.centricenergy.com
    or
    CIBC World Markets plc
    Chris Folan
    +44 207 234 6000
    or
    CIBC World Markets plc
    Mark Landry
    +44 207 234 6000
    or
    CIBC World Markets Inc.
    Melissa Li
    +1 (416) 956-6747