Business
Petrox Resources Announces the Proposed Acquisition of the Corporation
Calgary, Alberta--(Newsfile Corp. - July 21, 2014) - Petrox Resources Corp. (TSXV: PTC) (" ...
About this update from Petrox Resources Corp.
[{"type":"text","content":"\nPetrox Resources Announces the Proposed Acquisition of the CorporationCalgary, Alberta--(Newsfile Corp. - July 21, 2014) - \n Petrox Resources Corp. (TSXV: PTC) (\"Petrox\") is pleased to announce that it has entered into a conditional and non-binding letter of intent which contemplates an arm's length \nbusiness combination (the \"Transaction\") with a private entity from the People's Republic of China. It is currently contemplated that the Transaction will involve the acquisition of all of the issued and outstanding common shares of \nPetrox (\"Petrox Shares\") at a price of $0.30 per share. Upon completion of the Transaction, it is expected that the Petrox Shares will be delisted from the TSX Venture Exchange. There is no assurance that a binding agreement will be \nachieved or that the proposed Transaction will be completed as proposed or at all.\n\nThe Transaction is subject to a number of conditions precedent including, without limitation, completion of satisfactory due diligence, receipt of all required corporate and regulatory approvals (including the approval of the TSX Venture Exchange), \nPetrox entering into a definitive agreement for the acquisition of the oil and gas producing properties as announced in Petrox's news release of July 8, 2014, and the negotiation and execution of transaction documents for the Transaction on or \nbefore September 2, 2014.\n\nTrading of the Petrox Shares has been halted and will not resume until certain TSX Venture Exchange requirements have been satisfied. Petrox will issue a further new release as soon as further details are available \nregarding the resumption of trading and the Transaction.\n\nThe target closing date for the proposed Transaction will be sometime in the fall of 2014.\n\nFOR FURTHER INFORMATION, PLEASE CONTACT: \n\nPetrox Resources Corp. \nEdwin Tam, President and CEO, or Alan Chan, CFO \nTelephone: (403) 270 - 2290 or (403) 237 - 8330 \nFacsimile: (403) 228 - 3013 \nWebsite: www.petroxresources.ca\n\nReader Advisory \n\nThis press release should not be considered a comprehensive summary of the terms of the Transaction described above. Additional information may be required by the TSX Venture Exchange and may be disseminated at a future date following a \nsatisfactory review by the TSX Venture Exchange.\n\nTrading of the Petrox Shares will remain halted pending rec...