Granite Oil Corp GXOCF

RE:RE:RE:Granite News!!!!!!!!!!!!!

[traderlong2]

The Agreement permits Granite to respond to unsolicited acquisition proposals under certain circumstances which include where such acquisition proposal constitutes or could reasonably constitute or lead to a “superior proposal” (as defined in the Agreement).  IPC has the right to match any superior proposal.  Granite has agreed to pay a termination fee of $1.2 million in certain circumstances where the Agreement is terminated, including termination in response to a superior proposal.  Granite and IPC have also agreed to a reciprocal expense reimbursement fee of $800,000 payable to the other if the Transaction is not completed in certain circumstances, and where a termination fee is not otherwise payable. The Agreement contains customary deal protection provisions which, among other matters, restrict Granite from soliciting or initiating any discussions in respect of alternative acquisition proposals related to the Granite or the assets of Granite.