CALGARY, Feb. 14, 2018 /CNW/ - Laricina Energy Ltd. ("Laricina" or the "Company") announces that its Board of Directors has determined it is timely, prudent and in the best interests of the Company and its stakeholders to initiate a formal process to explore strategic alternatives. Such strategic alternatives may include, but are not limited to, a corporate sale, merger or other business combination, a sale of all or a portion of Laricina's assets, a royalty, a joint venture, strategic investment or other significant transaction.
Laricina has engaged Peters & Co. Limited ("Peters & Co.") as financial advisor to advise the Company in connection with this broad and comprehensive review and analysis of strategic alternatives. Interested parties are directed to the Company's information memorandum on the Peters & Co. website (www.petersco.com) for further details.
Laricina has not set a definitive schedule to complete its identification, examination and consideration of strategic alternatives. The review process has not been initiated as a result of receiving any transaction proposal. Given the nature of the process, the Company does not intend to provide updates until such time as the Board of Directors approves a definitive transaction or strategic alternative, or otherwise determines that further disclosure is advisable. The Company cautions that there are no guarantees that the review of strategic alternatives will result in a transaction, or, if a transaction is undertaken, as to its terms, timing or conditions or approvals required to implement such transaction.
Laricina will continue under its base business plan which has been designed to preserve the integrity, value and optionality of the assets, manage financial capacity and maintain cost discipline while sustaining the Company's efforts to evaluate and pursue strategic alternatives.
SOURCE Laricina Energy Ltd.
For further information: please visit www.laricinaenergy.com or contact: Diane Koenig, Executive Vice President, (403) 750-0810, Laricina Energy Ltd., East Tower, Fifth Avenue Place, 800, 425 - 1st Street SW, Calgary, AB T2P 3L8