ST. HELIER, Jersey, March 2, 2016
/CNW/ - EastSiberian Plc ("EastSiberian" or the "Corporation")
announces that it is in negotiating with a third party a
transaction whereby the third party would acquire all of the issued
and outstanding shares of EastSiberian. Completion of any
acquisition is subject to numerous conditions, including completion
of satisfactory due diligence by the third party, receipt of all
corporate, shareholder and regulatory approvals, and completion and
execution of a definitive agreement between EastSiberian and the
third party purchaser governing such acquisition. The parties
are seeking to complete due diligence and enter into a definitive
agreement by April 15, 2016. It
is expected that the common shares of EastSiberian would be
de-listed from the TSX Venture Exchange upon completion of such
acquisition.
Trading of the common shares of EastSiberian has been halted
since June 2014 to permit
EastSiberian to explore potential opportunities. Trading will
not resume trading until certain requirements of the TSX Venture
Exchange have been satisfied.
A further news release will be issued in the event that a
definitive agreement governing the acquisition of EastSiberian is
entered into or if negotiations with such third party purchaser are
terminated. There can be no assurance that a definitive agreement
will be entered into and that the proposed acquisition will
proceed.
About EastSiberian
EastSiberian is an international junior oil exploration company
incorporated in the Bailiwick of Jersey. For further information,
please visit the EastSiberian Plc website at
www.eastsiberianplc.com. The common shares of the Corporation
are listed currently on the NEX.
The Corporation announced previously that the common shares of
EastSiberian are halted currently from trading on the NEX at the
request of the Corporation. The common shares will remain
halted until trading is permitted to resume, all in accordance with
the policies of the TSX Venture Exchange and the NEX.
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.
Advisory Regarding Forward-Looking Statements
This press release contains certain forward-looking
statements and forward-looking information (collectively referred
to as "forward looking statements") within the meaning of Canadian
securities laws. All statements other than statements of historical
fact are forward-looking statements. Forward-looking information
typically contains statements with words such as "anticipate",
"believe", "plan", "continuous", "estimate", "expect", "may",
"will", "project", "should" or similar words suggesting future
outcomes and includes statements regarding the expectation that the
Corporation will negotiate the terms of the proposed acquisition of
the common shares of the Corporation and enter into a definitive
agreement regarding such acquisition, the timing of completion of
the due diligence and definitive agreement regarding such
acquisition and the de-listing of the Corporation's shares from the
TSX Venture Exchange, and future news releases to be issued by the
Corporation.
Undue reliance should not be placed on forward-looking
statements, which are inherently uncertain, are based on estimates
and assumptions, and are subject to known and unknown risks and
uncertainties (both general and specific) that contribute to the
possibility that the future events or circumstances contemplated by
the forward-looking statements will not occur. There can be no
assurance that the plans, intentions or expectations upon which
forward-looking statements are based will in fact be realized.
Actual results will differ, and the difference may be material and
adverse to EastSiberian and its shareholders. In particular,
there can be no assurance that a definitive agreement will
be entered into or that the proposed acquisition will proceed as
proposed or at all.
The forward-looking statements contained in this press
release are made as of the date hereof and EastSiberian does not
undertake any obligation to update publicly or to revise any of the
included forward-looking statements, except as required by
applicable law. The forward-looking statements contained herein are
expressly qualified by this cautionary statement.
SOURCE EastSiberian Plc