VANCOUVER,
June 10, 2011 /PRNewswire/ -
(TSXV: LEO) - Lion Energy Corp. ("Lion" or
"the Company") is pleased to announce that following receipt of
shareholder approval on Wednesday, the Company yesterday obtained
final approval from the Supreme Court of British Columbia for the plan of arrangement
with Africa Oil Corp. ("Africa Oil"). Under the terms of the
arrangement, Africa Oil will acquire all of the issued and
outstanding shares of Lion in consideration for 0.20 Africa Oil
shares for each common share of Lion. Any options or warrants
to purchase common shares of Lion that are outstanding on
completion of the acquisition by Africa Oil will be replaced or
amended to entitle the holder to acquire common shares of Africa
Oil, with the number of shares to be acquired and the exercise
price each adjusted to reflect the ratio of 0.20 shares of Africa
Oil for each 1.0 share of Lion. Subject to any remaining
closing conditions, the transaction is expected to close on or
about June 20, 2011.
On behalf of the Board,
LION ENERGY CORP.
John R. Nelson
President and Chief Executive Officer
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 NEWS RELEASE
Forward-Looking Statements:
Certain information provided in this press release constitutes
forward-looking statements. The words "anticipate", "expect",
"project", "estimate", "forecast" and similar expressions are
intended to identify such forward-looking statements. Specifically,
this press release contains forward-looking statements relating to
the Transaction. The reader is cautioned that assumptions used in
the preparation of such information, although considered reasonable
at the time of preparation, may prove to be incorrect. Actual
results will vary from the information provided herein as a result
of numerous known and unknown risks and uncertainties and other
factors. You can find a discussion of those risks and uncertainties
in our Canadian securities filings. Such factors include, but are
not limited to: the failure to obtain necessary Lion shareholder
approval with respect to the Transaction, the failure to obtain
necessary regulatory approvals or satisfy the conditions to closing
the Transaction, general economic, market and business conditions;
fluctuations in oil prices; the results of exploration and
development drilling; recompletions and related activities; timing
and rig availability, the uncertainty of reserve estimates; changes
in environmental and other regulations; risks associated with oil
and gas operations; and other factors, many of which are beyond the
control of Lion. Except as may be required by applicable securities
laws, Lion assumes no obligation to publicly update or revise any
forward-looking statements made herein or otherwise, whether as a
result of new information, future events or otherwise.
SOURCE Lion Energy Corp.
