EastSiberian Plc ("EastSiberian" or the "Corporation") announces that it is in negotiating with a third party a transaction whereby the third party would acquire all of the issued and outstanding shares of EastSiberian. Completion of any acquisition is subject to numerous conditions, including completion of satisfactory due diligence by the third party, receipt of all corporate, shareholder and regulatory approvals, and completion and execution of a definitive agreement between EastSiberian and the third party purchaser governing such acquisition. The parties are seeking to complete due diligence and enter into a definitive agreement by April 15, 2016. It is expected that the common shares of EastSiberian would be de-listed from the TSX Venture Exchange upon completion of such acquisition.
Trading of the common shares of EastSiberian has been halted since June 2014 to permit EastSiberian to explore potential opportunities. Trading will not resume trading until certain requirements of the TSX Venture Exchange have been satisfied.
A further news release will be issued in the event that a definitive agreement governing the acquisition of EastSiberian is entered into or if negotiations with such third party purchaser are terminated. There can be no assurance that a definitive agreement will be entered into and that the proposed acquisition will proceed.
About EastSiberian
EastSiberian is an international junior oil exploration company incorporated in the Bailiwick of Jersey. For further information, please visit the EastSiberian Plc website at www.eastsiberianplc.com. The common shares of the Corporation are listed currently on the NEX.
The Corporation announced previously that the common shares of EastSiberian are halted currently from trading on the NEX at the request of the Corporation. The common shares will remain halted until trading is permitted to resume, all in accordance with the policies of the TSX Venture Exchange and the NEX.