PMI Resources Ltd. Provides Update on Pentanova Acquisition
PMI Resources Ltd. ("PMI" or the "Company") (TSXV: PMI), is pleased to announce that it has received conditional approval from the TSX Venture Exchange for its proposed acquisition of PentaNova Energy Corp. (the "Acquisition"), as previously disclosed on January 25 and February 10, 2017. In addition, the Company's Filing Statement dated March 30, 2017 in respect of the Acquisition has been filed on SEDAR.
Closing of the Acquisition is anticipated to occur shortly. The Company is relying on the exemption from the requirement for shareholder approval pursuant to Exchange Policy 5.2 and in that regard confirms (a) that the Acquisition is not a related party transaction and no other circumstances exist which may compromise the independence of the Company or other interested parties with respect to the Acquisition; (b) the Company is without active operations; (c) the Company is not and will not be subject to a cease trade order and will not otherwise be suspended from trading on completion of the Acquisition; and (d) shareholder approval of any aspect of the Acquisition is not required under applicable corporate or securities laws.
Trading in the common shares of the Company has been halted in accordance with the policies of the Exchange and will remain halted until such time as all required documentation has been filed with and accepted by the Exchange in connection with the Company's previously announced Patagonia acquisition and permission to resume trading has been obtained from the Exchange.
SOURCE: PMI Resources Ltd.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.