CALGARY, ALBERTA--(Marketwire - June 27, 2012) - Jura Energy Corporation (TSX:JEC) ("Jura") announced today that the Toronto Stock Exchange has conditionally approved (the "TSX Approval") the various matters applied for by Jura with respect to the acquisition agreement dated November 23, 2011 between Jura and Eastern Petroleum Limited ("EPL") (as amended, the "Acquisition Agreement"), including the following:
- the consolidation of Jura's currently outstanding shares (the "Jura Shares") on the basis of one new Jura share (the "New Jura Shares") for each 10 Jura Shares;
- the issuance of 50,659,076 New Jura Shares in consideration of the acquisition of all of the issued and outstanding shares of Spud Energy Pty Limited from EPL; and
- the issuance of 5,000,000 New Jura Shares as part of a non-brokered private placement at a price of $1 per New Jura Share.
Subject to the satisfaction of the remaining conditions precedent to the closing of the transactions contemplated in the Acquisition Agreement (the "Transactions"), as well as the conditions to which the TSX Approval is subject, all of which Jura anticipates that it will be able to meet, Jura expects to close all of the Transactions on or before July 15, 2012. Accordingly, Jura has entered into an additional amending agreement with respect to the Acquisition Agreement extending the outside date for completion of the Transactions from June 30, 2012 to July 15, 2012.
Graham Garner, President and CEO of Jura, commented "We are very pleased to receive the final regulatory approval necessary to consummate the transactions contemplated by the Acquisition Agreement. We are looking forward to finally completing the reorganization and recapitalization overwhelmingly approved by our shareholders."
Jura is an international energy company engaged in the exploration, development and production of petroleum and natural gas properties in Pakistan. Jura is based in Calgary, Alberta, and listed on the TSX trading under the symbol JEC. Jura conducts its business in Pakistan through its subsidiary Frontier Holdings Limited.
Forward-looking statements : This document contains statements about expected or anticipated future events, including the satisfaction of the listing conditions of the TSX Approval, the satisfaction of the closing conditions under the Acquisition Agreement and the closing of the Transactions, which are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions and the occurrence of unexpected events.