/THIS PRESS RELEASE IS NOT FOR PUBLICATION OR DISSEMINATION IN THE UNITED
STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED
STATES SECURITIES LAW./
CALGARY, June 2, 2017 /CNW/ - Exito Energy II Inc.
("Exito") (TSX Venture: EXI.P) and Good Life Networks Inc. ("GLN") announce that the Supreme Court of British Columbia has granted the final order approving the previously announced plan of arrangement intended
to constitute Exito's Qualifying Transaction (the "Proposed Transaction"), as such term is defined in the policies of the
TSX Venture Exchange (the "TSX-V").
Shareholders of Exito approved certain matters related to the Proposed Transaction at Exito's annual general and special
meeting held on May 26, 2017, including, amongst other things, the consolidation of the issued and
outstanding common shares of Exito on a two for one basis and Exito's continuation from the Province of Alberta to the Province of British Columbia immediately prior or
concurrently to the closing of the Proposed Transaction. The Proposed Transaction was approved by GLN shareholders at its annual
general and special meeting held on May 26, 2017.
Completion of the Proposed Transaction remains subject to a number of other conditions, including but not limited to, receipt
of all required regulatory consents, including final TSX-V approval, satisfaction of customary closing conditions and the closing
of a private placement of subscription receipts by GLN at a price of not less than $0.25 per
subscription receipt (on a post-exchange ratio basis) to raise gross proceeds of not less than $6,500,000 (the "Offering").
Additional information with respect to the Proposed Transaction and the Offering is set out in the joint supplement of Exito
and GLN dated March 31, 2017 (the "Joint Supplement") attached as Schedule E to the
information circular of Exito dated March 31, 2017, as amended by the an addendum to the Joint
Supplement dated May 11, 2017 (collectively, the "Meeting Materials"). The Meeting Materials
are available under Exito's profile on SEDAR at www.sedar.com.
It is expected that the Proposed Transaction will close in late June, 2017.
Cautionary Statement
Completion of the Proposed Transaction and the Offering are subject to a number of conditions, including but not limited to
final TSX-V acceptance. There can be no assurance that the Proposed Transaction and the Offering will be completed as proposed or
at all.
Investors are cautioned that, except as disclosed in the Meeting Materials prepared in connection with the transaction, any
information released or received with respect to the transaction may not be accurate or complete and should not be relied upon.
Trading in the securities of a capital pool company should be considered highly speculative.
This news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ
materially. Other than as required by law, neither Exito nor GLN will not update these forward-looking statements to reflect
events or circumstances after the date hereof. More detailed information about potential factors that could affect financial
results is included in the documents filed by Exito from time to time with the Canadian securities regulatory
authorities.
Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE Exito Energy II Inc.
View original content: http://www.newswire.ca/en/releases/archive/June2017/02/c8894.html