Long Run Exploration Ltd.

Long Run Exploration Ltd.

February 11, 2016 22:00 ET

Long Run Exploration Ltd. Announces Independent Proxy Firm Recommends Shareholders Vote in Favor of Arrangement and Files Addendum to Information Circular

CALGARY, ALBERTA--(Marketwired - Feb. 11, 2016) - Long Run Exploration Ltd. ("Long Run" or the "Company") (TSX:LRE) is pleased to announce that Glass Lewis & Co. ("Glass Lewis") has recommended that shareholders vote in favor of the arrangement involving Long Run, Long Run securityholders and Calgary Sinoenergy Investment Corp. (the "Arrangement"). Glass Lewis is widely recognized as a leading independent proxy voting and corporate governance advisory firm, whose analyses and recommendations are relied upon by many major institutional investment firms, mutual funds and fiduciaries throughout North America.

After an extensive review of the Company's strategic and financial options to improve its capital structure, Long Run's Board of Directors and management believe that pursuing the Arrangement is in the best interest of Long Run and its stakeholders. Long Run's Board of Directors unanimously recommends that shareholders and debentureholders vote in favor of the Arrangement.

Long Run has scheduled a special meeting (the "Special Meeting") of securityholders to vote on the Arrangement to be held at 2:00 pm (Calgary time) on February 29, 2016 at the Livingston Place Conference Centre, 222 - 3rd Avenue SW, Calgary, Alberta. Securityholders may attend the Special Meeting in person or be represented by proxy. Further details can be found in Long Run's information circular and proxy statement dated January 29, 2016 (the "Information Circular") filed on SEDAR.

The Company also announces that it has filed and is mailing an addendum (the "Addendum") to its Information Circular, which was mailed to Long Run securityholders. The Addendum includes the written fairness opinion of Macquarie Capital Markets Canada Ltd. which was not included in the Information Circular as a result of a clerical error made on compiling the Information Circular.

Further details can be found in the Information Circular and the Addendum which have been filed under Long Run's SEDAR profile at www.sedar.com.

Visit the Company's website at www.longrunexploration.com.


Forward Looking Statements

Certain information set forth in this press release, including information and statements which may contain words such as "could", "plans", "should", "anticipates", "expects", "believes", "will" and similar expressions and statements relating to matters that are not historical facts, contain forward-looking statements, including but not limited to statements regarding the proposed Arrangement and plans to mail the Addendum. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Long Run's control. Completion of the Arrangement is subject to a number of conditions. Failure to satisfy any of these conditions, the emergence of a superior proposal or the failure to obtain approval of Long Run's shareholders, optionholders or debentureholders may result in the termination of the arrangement agreement. The foregoing list is not exhaustive. Additional information on these and other risks that could affect completion of the Arrangement will be set forth in the information circular, which will be available on SEDAR at www.sedar.com. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The actual results, performance or achievement of Long Run could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Long Run will derive therefrom. Long Run disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

Contact Information

  • Long Run Exploration Ltd.
    William E. Andrew
    Chair and Chief Executive Officer
    (403) 261-6012

    Long Run Exploration Ltd.
    Corine Bushfield
    Senior Vice President and Chief Financial Officer
    (403) 261-6012

    Long Run Exploration Ltd.
    Lauren Kimak
    Manager, Investor Relations
    (403) 716-3222
    (888) 598-1330