CALGARY, Alberta, Oct. 13, 2017 (GLOBE NEWSWIRE) -- RMP Energy Inc. ("RMP" or the "Company") (TSX:RMP) is pleased to announce that the holders of common shares of the Company (the "Shareholders") approved today by an overwhelming majority (over 99 percent) the previously-announced transformational asset disposition (the "Transaction") pursuant to which the Company will dispose of all of its crude oil and natural gas interests in the Waskahigan/Grizzly, Kabob, Gilby and Pine Creek areas of West Central Alberta, in addition to other minor Alberta properties (collectively, the "Disposition Assets") for total consideration of $80.0 million, subject to customary closing adjustments. The Company will retain its crude oil and natural gas assets and associated interests in its core Elmworth area of operations. The Transaction is expected to close on or about October 17, 2017.
Shareholders also approved today the proposed name change of the Company to "Iron Bridge Resources Inc.". The corporate name change is expected to become effective as soon as practicable upon filing of articles of amendment, in the prescribed form, with the Registrar under the Business Corporations Act (Alberta). The ticker symbol "IBR" has been reserved by the Toronto Stock Exchange for the Company's use following the name change becoming effective. No action is required by Shareholders with respect to the name change. Each existing share certificate reflecting the former name will continue to be a valid share certificate of the Company until such certificate is transferred, re-registered or otherwise exchanged through the Company's transfer agent.
For additional information about the Company, investors and Shareholders are also encouraged to review the Company's latest corporate presentation which is posted on the Company's website at www.rmpenergyinc.com.
For more information, please contact:
RMP ENERGY INC.
Chief Executive Officer
Vice President, Finance and Chief Financial Officer
Cautionary Statement Regarding Forward Looking Statements
Certain information contained in this press release constitutes forward-looking information or statements including, without limitation, information and statements respecting: the anticipated completion of the Transaction and timing thereof, including satisfaction of conditions thereto and the anticipated name change of the Company, change in ticker symbol and the timing thereof. Forward-looking information and statements are often, but not always, identified by the use of words such as "anticipate", "seek", "believe", "expect", "hope", "plan", "intend", "forecast", "target", "project", "guidance", "may", "might", "will", "should", "could", "estimate", "predict" or similar words or expressions suggesting future outcomes or language suggesting an outlook. By their very nature, forward-looking information and statements involve inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking information and statements will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause the actual results to vary materially from the forward-looking information or statements. RMP does not assume responsibility for the accuracy and completeness of the forward-looking information or statements and such information and statements should not be taken as guarantees of future outcomes. Subject to applicable securities laws, RMP does not undertake any obligation to revise these forward-looking information or statements to reflect subsequent events or circumstances. Furthermore, the forward-looking information contained in this press release is made as of the date of this document and RMP does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.