ST. HELIER, Jersey, March 2, 2016 /CNW/ - EastSiberian Plc ("EastSiberian" or the "Corporation") announces that it is in negotiating with a third party a transaction whereby the third party would acquire all of the issued and outstanding shares of EastSiberian. Completion of any acquisition is subject to numerous conditions, including completion of satisfactory due diligence by the third party, receipt of all corporate, shareholder and regulatory approvals, and completion and execution of a definitive agreement between EastSiberian and the third party purchaser governing such acquisition. The parties are seeking to complete due diligence and enter into a definitive agreement by April 15, 2016. It is expected that the common shares of EastSiberian would be de-listed from the TSX Venture Exchange upon completion of such acquisition.
Trading of the common shares of EastSiberian has been halted since June 2014 to permit EastSiberian to explore potential opportunities. Trading will not resume trading until certain requirements of the TSX Venture Exchange have been satisfied.
A further news release will be issued in the event that a definitive agreement governing the acquisition of EastSiberian is entered into or if negotiations with such third party purchaser are terminated. There can be no assurance that a definitive agreement will be entered into and that the proposed acquisition will proceed.
EastSiberian is an international junior oil exploration company incorporated in the Bailiwick of Jersey. For further information, please visit the EastSiberian Plc website at www.eastsiberianplc.com. The common shares of the Corporation are listed currently on the NEX.
The Corporation announced previously that the common shares of EastSiberian are halted currently from trading on the NEX at the request of the Corporation. The common shares will remain halted until trading is permitted to resume, all in accordance with the policies of the TSX Venture Exchange and the NEX.
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 release.
Advisory Regarding Forward-Looking Statements
This press release contains certain forward-looking statements and forward-looking information (collectively referred to as "forward looking statements") within the meaning of Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. Forward-looking information typically contains statements with words such as "anticipate", "believe", "plan", "continuous", "estimate", "expect", "may", "will", "project", "should" or similar words suggesting future outcomes and includes statements regarding the expectation that the Corporation will negotiate the terms of the proposed acquisition of the common shares of the Corporation and enter into a definitive agreement regarding such acquisition, the timing of completion of the due diligence and definitive agreement regarding such acquisition and the de-listing of the Corporation's shares from the TSX Venture Exchange, and future news releases to be issued by the Corporation.
Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. There can be no assurance that the plans, intentions or expectations upon which forward-looking statements are based will in fact be realized. Actual results will differ, and the difference may be material and adverse to EastSiberian and its shareholders. In particular, there can be no assurance that a definitive agreement will be entered into or that the proposed acquisition will proceed as proposed or at all.
The forward-looking statements contained in this press release are made as of the date hereof and EastSiberian does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
SOURCE EastSiberian Plc
For further information: EastSiberian Plc: Graeme Phipps, President, 9 Esplanade, St. Helier, Jersey, Tel: +44 7733 363 016 or +1 403 630 2367, Email: [email protected]