/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
CALGARY, March 1, 2013 /CNW/ - Dixie Energy Trust ("Dixie") and VisionSky Corp. ("VisionSky") (VKY - CNSX) are pleased to announce that they have completed their previously announced plan of arrangement pursuant to the provisions of the Business Corporations Act (Alberta) (the "Arrangement"). Pursuant to the Arrangement, all of the issued and outstanding common shares of VisionSky ("VisionSky Shares") were exchanged for an aggregate of 2,031,411 trust units of Dixie ("Dixie Units"), based on an exchange ratio of 0.125 of a Dixie Unit for every one (1) VisionSky Share (the "Exchange Ratio"). Additionally, pursuant to the Arrangement, all outstanding options to purchase VisionSky Shares were exchanged for options to purchase Dixie Units and all outstanding warrants to purchase VisionSky Shares were exchanged for warrants to purchase Dixie Units, in each case based on the Exchange Ratio.
As a result of the Arrangement, Dixie has become an unlisted reporting issuer. VisionSky has now been delisted from the Canadian National Stock Exchange and will, in due course, make an application to cease to be a reporting issuer.
Further information in respect of Dixie can be accessed via the SEDAR website at www.sedar.com.
Dixie is a recently formed energy trust created to provide investors with an oil and gas exploration focused investment. The strategy of Dixie is to acquire, exploit and develop, indirectly through its subsidiaries, long-life crude oil and gas prospects and reserves in the United States, primarily in Mississippi and Alabama.
Forward Looking Statement Disclaimer
This press release may contain forward-looking statements and forward-looking information, including statements regarding Dixie's business strategy and its intention to to acquire, exploit and develop, indirectly through its subsidiaries, long-life crude oil and gas prospects and reserves in the United States, primarily in Mississippi and Alabama. The words "believe", "expect", "intend", "estimate", "anticipate", "project", "scheduled", and similar expressions, as well as future or conditional verbs such as "will", "should", "would", and "could" often identify forward-looking statements and forward-looking information. These statements and information are only predictions. Actual results and events may differ materially from those contemplated by these forward-looking statements and information due to these statements and information being subject to a number of risks and uncertainties. Undue reliance should not be placed on these forward-looking statements and forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements and forward-looking information involve numerous assumptions, known and unknown risks and uncertainties, both general and specific that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements and forward-looking information will not occur. These risks and uncertainties include, but are not limited to, the risks and uncertainties associated with the oil and gas industry generally, and particularly in the United States, including Mississippi and Alabama, including political, regulatory, environmental and other legal risks; the risk that Dixie, through its subsidiaries, will not encounter commercially productive oil reservoirs and that the wells it drills may not be productive or not sufficiently productive to recover a portion or all of its drilling costs or establish material reserves; the risk that Dixie, through its subsidiaries, may not achieve production targets should reservoir production decline sooner than expected; the risk that horizontal drilling and other exploration technologies used will not provide conclusive proof prior to drilling a well that crude oil is present or may be produced economically; the risk that the costs of drilling, completing and operating wells are often uncertain, and drilling operations may be extended, curtailed, delayed or cancelled as a result of a variety of factors. Although VisionSky and Dixie believe that the expectations represented by such forward-looking-statements and forward-looking information are reasonable based on the information available to them on the date of this press release, there can be no assurance that such expectations will prove to be correct. Neither VisionSky nor Dixie undertakes any obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by law.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities in any investments. The securities of VisionSky and Dixie will not and have not been registered under the United States Securities Act of 1933 as amended (the "US Securities Act"), or the securities laws of any state, and may not be offered, sold or delivered in the United States or to, or for the account or benefit of, a U.S. person (as defined by Regulation S under the US Securities Act), without registration or applicable exemption therefrom.
The Canadian National Stock Exchange has not approved and does not accept responsibility for the adequacy or accuracy of this news release.
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© 2013 Diixe Energy Trust All rights reserved. All other trademarks are the property of their respective owners.
SOURCE: Dixie Energy Trust
For further information:
David G. Anderson