Alston Energy Inc. and CanRock Energy Corp. Announce Closing of Arrangement
CALGARY, July 17, 2012 /CNW/ - Alston Energy Inc. (TSX-V: ALO) ("Alston") and CanRock Energy Corp. (TSX-V: CNK) ("CanRock") are pleased to announce that on July 16, 2012 holders of common shares ("Shares") of CanRock voted to approve the previously announced plan of arrangement (the "Arrangement") with Alston which provides for the acquisition by Alston of all of the outstanding Shares of CanRock. The Arrangement was approved by 100% of the Shares voted.
CanRock also announces that the Court of Queen's Bench of Alberta granted the final order to approve the Arrangement on July 16, 2012. The Arrangement was effective on the filing of articles of arrangement, which occurred as of the date of this news release.
As a result of the filing of articles of arrangement, Alston has acquired all of the outstanding Shares. Holders of Shares received an aggregate of 103,287,134 common shares of Alston (or 2.321 common shares of Alston for each share of CanRock). The Shares will be delisted from the TSX Venture Exchange ("TSXV") and have been halted from further trading on the facilities of the TSXV effectively immediately.
CanRock encourages holders of Shares to complete their letters of transmittal or instruct their brokers to do so on their behalf. Holders of Shares have four years from today's date to submit their letter of transmittal. Any certificate representing common shares that is not validly deposited by July 17, 2016 shall cease to represent a right or claim of any kind or nature.
This press release is not an offer of the securities for sale in the United States. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the Arrangement and has neither approved nor disapproved the contents of this press release. 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 press release.For further information:
ALSTON ENERGY INC.
Don K. Umbach, President and CEO
Telephone: (403) 245-4261
Troy Winsor, VP Business Development
Bruce Eckert, COO
Telephone: (403) 265-2770