Long Run Explor Ltd Ord WFREF

More delays

[bwling]

May 20, 2016

Long Run Exploration Ltd. Provides Further Update to Timing of Arrangement

 

CALGARY, ALBERTA--(Marketwired - May 20, 2016) - Long Run Exploration Ltd. ("Long Run" or the "Company") (TSX:LRE) has been advised by Calgary Sinoenergy Investment Corp. (the "Purchaser") that the outside date of the proposed plan of arrangement involving Long Run, the Purchaser and the Long Run securityholders (the "Arrangement") has been extended from May 30, 2016 to June 29, 2016. 

Under the Arrangement, the Purchaser has the right to extend the outside date in 30-day increments if the required regulatory approvals have not yet been obtained. The Purchaser and Long Run are progressing through the regulatory review process and continue to anticipate that the Arrangement will close shortly following the receipt of approval under the Investment Canada Act.

Further details regarding the Arrangement can be found in the Company's information circular and proxy statement dated January 29, 2016 and the addendum thereto, each filed on Long Run's SEDAR profile at www.sedar.com.

 

[Scottie99]

This post has been removed in accordance with Community Policy

[uograd]

Well all I can say is the smell here has gone from bad to putrid.  In the long history of investing there is nothing more telling  than a  late Friday afternoon press release going into the long weekend. The ultimate irony here is the Banker's deal might get done first and then if this deal happens I may be able to use those proceeds to play a small arbitrage on this one. In

[wilwal]

There aren't any shenanigans here other than they won't admit that funds are the real problem and in order to make a delay possible, they can't reveal that it is about financing difficulties.  Technically they probably aren't lying about Investment Canada but they are using it to skirt the agreement so that they can do a legitimate delay. As far as I know, this is not a '

[uograd]

the thing that is the shattiest here is that a lot of people have a lot of money invested in this play nd now have to worry all weekend about where this fricken thing is going to open on Fricken Tuesday. They could put the press release on Tuesday morning at 8 a.m. EST and not caused all this extra grief for no reason. the stock will open the same on Tuesday whether  they put the press

[wojooil]

1.2 billion yuan short and sino extends the deal? Why not pray investment Canada drags their feet and sino walks away with the escrow cash? Nothing made sino extend the deal 

[Scottie99]

This post has been removed in accordance with Community Policy