NEW YORK, Aug. 27, 2012 /PRNewswire/ -- MFC Industrial Ltd. (NYSE: MIL) ("MFC" or the "Company"), today announced that it has extended the expiry time of its offer (the "Offer") for all of the common shares (the "Compton Shares") of Compton Petroleum Corporation ("Compton") to 5:00 p.m. (PDT) on September 6, 2012.
MFC has received requisite approval of the transaction from the Minister of Industry under the Investment Canada Act. In addition, MFC has reached an agreement in principle with the lenders under Compton's current bank facility respecting their consent to a change of control under the Offer. The Offer has been extended as MFC is awaiting the consent of the Mazeppa Processing Partnership, which is owned by Enstar.
As at the date hereof, approximately 24.6 million Compton Shares have been deposited to the Offer, representing approximately 93.4% of the currently outstanding Compton Shares.
The Offer, made by MFC, together with MFC Acquisition Inc., its indirect, wholly-owned subsidiary, is more fully described in the takeover bid circular and other ancillary documentation that MFC filed on July 12, 2012, on SEDAR at www.sedar.com. Compton shareholders are encouraged to read such documents carefully and in their entirety.
The Offer will be open for acceptance until 5:00 p.m. (PDT) on September 6, 2012, unless extended or withdrawn by MFC.
Computershare Investor Services Inc. is the depositary for the Offer. Compton shareholders can obtain copies of the takeover bid circular and related materials at no charge from the depositary toll-free at 1-800-564-6253 or by email at email@example.com.
About MFC Industrial Ltd.
MFC is a global commodity supply chain company and is active in a broad spectrum of activities, including its integrated commodities operations and mineral interests, which focus on metals, chemicals, plastics and wood products. MFC also provides logistics, financial and risk management services to producers and consumers of commodities. Our global business activities are supported by our captive commodities sources through strategic direct or indirect investments and other commodities sources secured by us from third parties. To obtain further information on the Company, please visit our website at: http://www.mfcindustrial.com.
Disclaimer for Forward-Looking Information
The preceding includes forward looking statements, including statements regarding the Company's ability to complete the Offer and other contemplated transactions, the impact of the proposed acquisition on its business and operations and its ability to integrate the business and operations of Compton, which involve known and unknown risks and uncertainties which may not prove to be accurate. Forward-looking statements are not based on historical fact and involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, revenues, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause the Company's actual results, revenues, performance or achievements to differ materially from expectations include, among other things: uncertainties as to the timing of the Offer and satisfaction of the conditions thereto, MFC's and Compton's ability to obtain required consents and approvals in connection with the transactions, the business of MFC and Compton may not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected, general business and economic conditions globally, commodities price volatility, industry trends, competition and other factors beyond the Company's control. Such forward-looking statements should therefore be construed in light of such factors. Other than in accordance with its legal or regulatory obligations, the Company is not under any obligation and the Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additional information about these and other assumptions, risks and uncertainties are set out in the Company's Management's Discussion and Analysis for the six months ended June 30, 2012, filed with the Canadian securities regulators and on the Form 6-K with the United States Securities and Exchange Commission, and its Annual Report on Form 20-F for the year ended December 31, 2011.
SOURCE MFC Industrial Ltd.