Wrangler West Announces Special Meeting Results Regarding Sale to Trident Exploration Corp.
/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS./
CALGARY, March 4, 2014 /CNW/ - (TSX Venture: WX) — Wrangler West Energy Corp. ("Wrangler" or the "Company") announces the results of its special meeting (the "Meeting") of the holders ("Wrangler Shareholders") of common shares of Wrangler ("Shares"), held March 4, 2014 to consider and vote on a proposed amalgamation whereby Wrangler and 981443 Alberta Ltd., a wholly-owned subsidiary of Trident Exploration Corp. ("Trident"), will amalgamate under the Business Corporations Act (Alberta) (the "Amalgamation"), and Wrangler shareholders (other than dissenting shareholders) will receive cash consideration of $0.2552 per Share.
By special resolution passed at the Meeting, the Amalgamation was approved by 89.50 percent of the votes cast by Wrangler Shareholders, and 83.85 percent of the votes cast by the holders of Shares excluding Shares beneficially owned or over which control or direction is exercised by such persons whose votes may not be included in determining minority approval pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions.
Wrangler anticipates the Amalgamation will close on March 5, 2014. Thereafter, Wrangler will seek delisting of the Shares from the TSX Venture Exchange.
Wrangler is a Canadian junior crude oil and natural gas producer which explores for and develops natural gas and crude oil production assets in the Province of Alberta. Since inception, the Company's mandate was to use the drill bit to add shareholder value.
Forward-Looking Statements: This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking statements or information. More particularly and without limitation, this news release contains forward-looking statements and information concerning: the ability of Wrangler and Trident to satisfy the other conditions to, and to complete, the Amalgamation; and the anticipated timing of the closing of the Amalgamation.
In respect of the forward-looking statements and information concerning the anticipated completion of the proposed Amalgamation and the anticipated timing for completion of the Amalgamation, Wrangler has provided such in reliance on certain assumptions it believes are reasonable at this time, including assumptions as to the ability of the parties to satisfy, in a timely manner, the conditions to the closing of the Amalgamation. These dates may change for a number of reasons, including the need for additional time to satisfy the conditions to the completion of the Amalgamation. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times.
Risks and uncertainties inherent in the nature of the Amalgamation include the failure of Wrangler or Trident to satisfy the conditions to the Amalgamation, in a timely manner, or at all. The failure of Wrangler or Trident to satisfy the conditions to the Amalgamation, may result in the Amalgamation not being completed on the proposed terms, or at all. In addition, the failure of Wrangler to comply with the terms of the Amalgamation Agreement may result in Wrangler being required to pay a non-completion fee to Trident, the result of which could have a material adverse effect on Wrangler's financial position and results of operations and its ability to fund growth prospects and current operations.
Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on other factors that could affect the operations or financial results of Wrangler are included in reports on file with applicable securities regulatory authorities and which may be accessed on Wrangler's SEDAR profile at www.sedar.com. The forward-looking statements and information contained in this news release are made as of the date hereof and Wrangler undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws
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.
SOURCE Wrangler West Energy Corp.For further information:
Wrangler West Energy Corp.
Steven F. Johnson
President and Chief Executive Officer
Phone: (403) 290-6800
Fax: (403) 269-9295