PAN ORIENT ENERGY CORP. - SHAREHOLDER APPROVAL OF ARRANGEMENT

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[{"type":"text","content":"\n \n \n \n PAN ORIENT ENERGY CORP. - SHAREHOLDER APPROVAL OF ARRANGEMENT\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Aug. 23, 2022\n \n \n /CNW/ - Pan Orient Energy Corp. (\"\n \n Pan Orient\n \n \") (TSXV: POE) is pleased to announce that its shareholders overwhelmingly approved, at a special meeting held earlier today, the previously announced, on\n \n June 6, 2022\n \n , arrangement under the\n \n Business Corporations Act\n \n (\n \n Alberta\n \n ) (the \"\n \n Arrangement\n \n \") involving Pan Orient, its wholly owned subsidiary, CanAsia Energy Corp. (\"\n \n CanAsia\n \n \"), Dialog Systems (\n \n Asia\n \n ) Pte Ltd. (\"\n \n DIALOG\n \n \") and its wholly owned subsidiary, 2432707 Alberta Ltd. (the \"\n \n Purchaser\n \n \").\n \n \n \n \n \n \n \n \n \n The resolution to approve the Arrangement was approved by 99.6% of the votes cast by Pan Orient shareholders who voted in respect of the Arrangement resolution at the meeting, and by 99.2% of the votes cast by Pan Orient shareholders who voted in respect of the Arrangement resolution excluding votes that were required to be excluded by Canadian Securities Administrators Multilateral Instrument 61 101 –\n \n Protection of Minority Security Holders in Special Transactions\n \n . Shareholders also approved an Equity Incentive Plan for CanAsia by 96.0% of the votes cast.\n \n \n Pursuant to the Arrangement: (a) Pan Orient will sell and transfer its non-\n \n Thailand\n \n business to CanAsia in exchange for the assumption of liabilities associated with the non-\n \n Thailand\n \n business and the issuance of shares of CanAsia; (b) Pan Orient shareholders will receive one CanAsia share for each Pan Orient share held; and (c) the Purchaser will acquire all of the issued and outstanding shares of Pan Orient for cash consideration of USD\n \n $0.788\n \n for each share of Pan Orient.\n \n \n As a result of the Arrangement: (a) DIALOG, through the Purchaser, will hold all of the issued and outstanding Pan Orient shares, an...

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