Atikwa Announces Update on Proposed Business Combination With Hansar Energy Corp. and Mailing of Shareholder Meeting Materials
10 August 2013 - 2:30AM
Marketwired Canada
Atikwa Resources Inc. (TSX VENTURE:ATK) ("Atikwa" or the "Company") announces
that meeting materials for the Company's annual and special meeting scheduled
for August 30, 2013 (the "Meeting") have now been mailed to shareholders and
posted on SEDAR at www.sedar.com. With regard to the proposed transaction with
Hansar Energy Corp. ("Hansar") the Company has determined that the previously
announced amalgamation and reorganization with Hansar (the "Reorganization")
will not be placed before shareholders at this Meeting. Atikwa is continuing to
work towards finalizing the requisite documentation and getting regulatory
approval for its plan to acquire all of the Hansar assets for Common Shares of
Atikwa, however as of the deadline for the mailing of the Meeting materials the
requisite level of regulatory and shareholder approval, if any, had not been
finalized.
At the Meeting, four new director nominees from the Hansar team will be proposed
for election to the Board of Directors of Atikwa. The Company was originally
introduced to the team from Hansar while conducting its strategic review and has
determined that the team's experience with Manitoba light oil assets in
combination with the complementary nature of the oil and gas assets owned by
Hansar would be a strong fit for Atikwa's operations and future growth.
Management also believes that the proposed director nominees and management have
the requisite public company and industry experience to allow the Company better
access to the capital markets. Current management believes that the Company's
future growth and the development of its asset base will be enhanced under the
direction of the Hansar team. The Board of Directors have determined that it is
in the best interests of the Company that shareholders vote for the proposed new
nominees and accordingly, the current members of the Company's Board of
Directors will not stand for re-election. Detailed information on the proposed
director nominees can be found in Atikwa's Management Information Circular dated
July 31, 2013 which has been mailed to shareholders and is also available on
SEDAR at www.sedar.com.
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.
This news release contains forward-looking statements relating to the Company's
plans and other aspects of the Company's anticipated future operations,
strategies, financial and operating results and business opportunities. Factors
such as regulatory approvals and other related and external factors may affect
the forward-looking statements made in this news release. Forward-looking
statements typically use words such as "anticipate", "believe", "project",
"expect", "plan", "intent" or similar words suggesting future outcomes,
statements that actions, events or conditions "may", "would", "could" or "will"
be taken or occur in the future, or consists of statements regarding estimates
of future production, operating costs or other expectations, beliefs, plans,
objectives, assumptions or statements about future events or performance.
Statements regarding reserves are also forward-looking statements, as they
reflect estimates as to the expectation that the deposits can be economically
exploited in the future. Although the Company believes that the expectations
represented in such forward-looking statements are reasonable, there can be no
assurance that such expectations will prove to be correct. As a consequence,
actual results may differ materially from those anticipated in the
forward-looking statements and you should not unduly rely on forward-looking
statements. The forward-looking statements contained in this news release are
made as the date of this news release and the Company 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. The term barrels of oil
equivalent ("boe") may be misleading, particularly if used in isolation. A
conversion ratio for gas of 6 mcf: 1 boe is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not represent
a value equivalency at the wellhead.
FOR FURTHER INFORMATION PLEASE CONTACT:
Atikwa Resources Inc.
Sean Kehoe
President and CEO
403-233-6092
(TSXV:ATK)
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