BANKERS PETROLEUM ANNOUNCES INVESTMENT CANADA ACT APPROVAL FOR PROPOSED ARRANGEMENT
CALGARY, June 22, 2016 – Bankers Petroleum Ltd. (“Bankers” or the “Company”) is pleased to announce that the proposed plan of arrangement (the "Arrangement") with affiliates of Geo-Jade Petroleum Corporation ("Geo-Jade") has received Ministerial approval under the Investment Canada Act.
Pursuant to the Arrangement, Geo-Jade will acquire all the issued and outstanding common shares of Bankers ("Bankers Shares") through its affiliates at a cash price of C$2.20 per Bankers Share.
Completion of the Arrangement is subject to the outstanding regulatory approval of the Chinese State Administration of Foreign Exchange (SAFE). Bankers anticipates receipt of this approval in the coming weeks and closing of the Arrangement to occur shortly thereafter in July. Following a successful completion of the Arrangement the Bankers Shares will be delisted from the Toronto Stock Exchange ("TSX") and the AIM market of the London Stock Exchange.