Long Run Exploration Ltd.

Long Run Exploration Ltd.

April 25, 2016 08:30 ET

Long Run Exploration Ltd. Announces Updated Timing of Arrangement

CALGARY, ALBERTA--(Marketwired - April 25, 2016) - Long Run Exploration Ltd. ("Long Run" or the "Company") (TSX:LRE) and Calgary Sinoenergy Investment Corp. (the "Purchaser") have been advised by Industry Canada that the Investment Canada Act review period has been extended by 30 days to allow additional time to complete the review of the proposed plan of arrangement involving Long Run, the Purchaser and the Long Run securityholders (the "Arrangement").

Under the Arrangement, the Purchaser has the ability to extend the outside date if the required regulatory approvals have not been received. As a result of the ongoing review under the Investment Canada Act, the Purchaser has extended the outside date from April 30, 2016 to May 30, 2016.

Long Run and the Purchaser anticipate that closing of the Arrangement will occur shortly following the receipt of approval under the Investment Canada Act. Approval of the Arrangement has been received under the Competition Act (Canada).

Further details regarding the Arrangement can be found in the Company's information circular and proxy statement dated January 29, 2016 and the addendum thereto, each filed on Long Run's SEDAR profile at www.sedar.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 timing of the closing of the Arrangement and the anticipated receipt of regulatory approvals for the Arrangement. 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 including the failure to obtain required regulatory approvals or the emergence of a superior proposal may result in the termination of the Arrangement. The foregoing list is not exhaustive. Additional information on these and other risks that could affect completion of the Arrangement are set forth in the information circular and proxy statement dated January 29, 2016, which is 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 or (888) 598-1330