Alberta Oilsands Inc. Postpones Annual and Special Meeting to December 28, 2016
Calgary - Alberta Oilsands Inc. ("Alberta Oilsands" or the "Company") (TSXV:AOS) is postponing its annual and special meeting (the "Meeting") until December 28, 2016 from the previously scheduled November 15, 2016 date.The postponement will provide the time necessary to account for the outcome of an appeal launched by Marquee Energy Ltd. ("Marquee") of the order of the Court of Queen's Bench of Alberta relating to the previously announced transaction involving Marquee and Alberta Oilsands. The appeal is set to be heard by the Court of Appeal of Alberta on November 9, 2016.
The result of the appeal may affect the business to be conducted at the Meeting and, as a result, the content of proxy materials that will be mailed to shareholders in advance of the Meeting. As such, and to avoid unnecessary costs and confusion, an adequate period of time following the outcome of the appeal is required to ensure that shareholders receive and carefully consider the correct proxy material regarding the business matters to be conducted at the Meeting.
As previously disclosed, Alberta Oilsands and Marquee have agreed to a plan of arrangement transaction that will create a well-capitalized, combined company positioned for future value creation. Upon closing, the arrangement will provide Alberta Oilsands shareholders with exposure to a dominant land position in the Michichi oil fairway and sustainable growth opportunities at current commodity prices. The combined company will have the liquidity to act upon organic and strategic opportunities, and a balance sheet in line with the best companies in its peer group.
Alberta Oilsands will provide further updates on the transaction approval process and Meeting materials following the result of the appeal and otherwise as developments warrant. Shareholders need not take any action at this time.
ABOUT ALBERTA OILSANDS
Alberta Oilsands holds bitumen leases in the Athabasca oil sands region of northeast Alberta. The Company's head office is located in Calgary, Alberta, Canada and its common shares are traded on the TSX Venture Exchange under the trading symbol "AOS".
For further information please contact:
Binh Vu, Interim CEO & President
+1 416 951 8800
bvu@aboilsands.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements included in this press release constitute forward-looking statements or information ("forward-looking statements") under applicable securities legislation. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "potential", "propose", or similar words suggesting future outcomes or statements regarding an outlook. Specific forward-looking statements in this press release include statements with respect to the timing of Marquee's appeal, the adequacy of timing for shareholders to receive and carefully consider correct proxy materials prior to the new Meeting date, the capitalization and position of the company resulting from the completion of the Arrangement, the land position, growth opportunities, liquidity and balance sheet characteristics of the company resulting from the completion of the transaction involving Alberta Oilsands and Marquee, the anticipated benefits to Alberta Oilsands shareholders in connection with the transaction involving Alberta Oilsands and Marquee and the expected timing of disclosure of future developments related to such transaction.
Forward looking statements involve significant known and unknown risks and uncertainties, some of which are beyond the control of Alberta Oilsands, which could cause actual results to differ materially from those anticipated. Risks and uncertainties affecting Alberta Oilsands and its business and affairs are described in further detail in its management's discussion and analysis of financial condition and results of operations for the period ended June 30, 2016, which is available under Alberta Oilsands' issuer profile on SEDAR at www.sedar.com.
Although Alberta Oilsands believes that the expectations in such forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The forward looking information included herein is made as of the date of this press release and Alberta Oilsands assumes no obligation to update or revise any forward looking information to reflect new events or circumstances, except as required by law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.