CALGARY, ALBERTA--(Marketwired - March 17, 2017) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Forent Energy Ltd. ("Forent" or the "Corporation") (TSX VENTURE:FEN) announced today that it has received notice from Perisson Petroleum Corporation ("POG") that it will not be proceeding with the previously announced amalgamation with Forent. The amalgamation was first announced on March 7, 2016 and was intended to close by year-end 2016 at the latest. A key condition of the amalgamation was that POG was to raise $40 million in new equity. As they have failed to raise that amount, Perisson considers the Amalgamation Agreement to have expired.
Forent reserves all available legal remedies to compensate for POG's failure to honour the terms of the Amalgamation Agreement. The board of directors of Forent has established an independent committee to investigate strategic alternatives for the Company. Forent also announced that Brad Perry, Forent's CFO has tendered his resignation and that Greg Florence CPA, CMA has been hired as contract CFO, effective immediately.
ADVISORY: This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Corporation 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. For more information on the Company, Investors should review the Company's registered filings which are available at www.sedar.com.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
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.