Long Run: Date of plan of arrangement for 6.4% convertibles extended

By Wendy Van Sickle

Columbus, Ohio, May 20 – Long Run Exploration Ltd. said the outside date of the plan of arrangement under which all of its outstanding 6.4% convertible subordinated debentures due Jan 31, 2019 will be acquired by Calgary Sinoenergy Investment Corp. has been extended to June 29 from May 30.

Under the arrangement, the purchaser has the right to extend the outside date in 30-day increments if the required regulatory approvals have not been obtained. Calgary Sinoengery and Long Run are progressing through the regulatory review process and continue to anticipate that the arrangement will close shortly after the receipt of approval under the Investment Canada Act, according to a press release issued Firday.

As previously reported, the arrangement was approved by more than 95% of the votes cast by Long Run debentureholders at the end of February.

Long Run debentureholders will receive C$750 for each C$1,000 principal amount of debentures plus accrued interest through the day immediately prior to the effective date of the arrangement.

Calgary Sinoenergy will also acquire all of Long Run’s outstanding common shares under the arrangement.

The arrangement was initially expected to close in late April.

Calgary, Alta.-based Long Run is an oil and natural gas company focused on light oil and NGL development and exploration in western Canada.

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