Condor and Marsa Announce Shareholder Approval of Plan of Arrangement
Calgary, Alberta –– Condor Petroleum Inc. (TSX: CPI) (Condor) and Marsa Energy Inc. (TSX-V: MEP) (Marsa) are pleased to announce that our respective shareholders have approved all matters related to the proposed c mbination of Condor and Marsa previously announced on January 7, 2016 and detailed in our joint management information circular and proxy statement dated January 22, 2016 (Joint Circular).
The plan of arrangement (the Arrangement) is expected to be completed upon satisfaction or waiver of all of the conditions to the Arrangement se out in the arrangement agreement entered into by Condor and Marsa on January 7, 2016, including approval by the Court of Queen’s Bench of Alberta at a hearing scheduled for February 25, 2016, certain regulatory approvals and respective stock exchange approvals. Pursuant to the Arrangement, Condor will acquire all of the outstanding common shares of Marsa through the issuance of 1.84326 Condor common shares in exchange for each Marsa common share.
Full details regarding the terms of the Arrangement are set out in the Joint Circular which is available on SEDAR at www.sedar.com.