CALGARY, Dec. 15 /CNW/ - Verenex Energy Inc. ("Verenex") (VNX - TSX) announces that approval under the Investment Canada Act (the "Act") for the previously announced plan of arrangement, pursuant to which the Libyan Investment Authority, through a subsidiary, will acquire all of the issued and outstanding shares of Verenex, remains outstanding. Industry Canada has extended the 45-day review period under the Act for the transaction by up to a further 30 days, as is not uncommon. Verenex continues to expect that approval under the Act will be received for the plan of arrangement. While the timeline for a decision is not known, Verenex expects to receive a decision sooner than the extended deadline.
As disclosed on December 11, 2009, the proposed transaction received overwhelming support from securityholders, as well as court approval.
The final amount of the working capital component of the cash purchase consideration per Verenex share is expected to be determined immediately prior to closing.
Forward-Looking Information and Statements
This press release contains forward-looking statements respecting the completion of an arrangement of Verenex. These statements are based on current expectations and are subject to a number of risks and uncertainties, including obtaining all regulatory approvals that could materially affect timing for the completion of the proposed transaction and the final Working Capital Amount (as defined in the arrangement agreement dated November 5, 2009). Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in the securities of Verenex should not place undue reliance on these forward-looking statements.
SOURCE VERENEX ENERGY INC.
For further information: For further information: Jim McFarland, President & CEO, Verenex Energy Inc., Telephone: (403) 536-8009; or Ken Hillier, Chief Financial Officer, Verenex Energy Inc., Telephone: (403) 536-8005, www.verenexenergy.com