Forent Energy Ltd. Announces Letter of Intent Re Proposed Business Combination

by ahnationtalk on February 5, 2016656 Views

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

CALGARY, ALBERTA (February 4, 2016) – Forent Energy Ltd. (“Forent” or the “Company”)(TSXV: FEN) is pleased to announce that it has signed a non-binding letter of intent with respect to a proposed plan of arrangement with Perisson Petroleum Corporation (“Perisson”). Under the plan of arrangement, each common share of Forent will be exchanged for one Perisson common share. Forent’s outstanding options will be exercisable for Perisson common shares on the basis of the same exchange ratio.

The proposed transaction is subject to a number of conditions including, but not limited to:

  • approval of the transaction by the shareholders and by the board of directors of Forent
  • Perisson, having completed a financing or series of financings for gross proceeds of not less than $40,000,000 at a deemed price of not less than $0.40 per Perisson common share, and (3) approval of the TSX Venture Exchange and all other regulatory bodies having jurisdiction in connection with the subject transaction. The parties also anticipate entering into a definitive agreement setting out in more detail the proposed terms of the arrangement.

Mr. Robyn Lore, President and CEO of Forent commented on the proposed transaction by stating, “We believe that this business combination will provide the foundation and financial ability for the company to achieve management’s goal of acquiring assets with existing production and future development opportunities”.

FOR FURTHER INFORMATION, PLEASE CONTACT:

FORENT ENERGY LTD.

Robyn Lore, President and CEO
Email: rlore@forentenergy.com
Phone: (403) 262-9444 #201

– or –

Richard Wade, COO
rwade@forentenergy.com
(403) 262-9444 #211

Web: www.forentenergy.com

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