TORONTO, ONTARIO -- (Marketwired) -- 04/17/13 -- PetroWorth Resources Inc. ("PetroWorth") (CNSX: PTW) (FRANKFURT: T3F) announced today that it has entered into a preliminary agreement to merge the company with Giant Exploration Inc. ("Giant"), pending certain approvals from the shareholders of each company and satisfaction of other usual conditions for transactions of this kind.
Under the terms of the proposed merger, Giant shareholders will obtain a prescribed number of shares of PetroWorth based on an agreed upon valuation of the two companies. PetroWorth will be holding a special shareholders meeting in conjunction with its Annual General Meeting on or prior to July 15, 2013 to vote on the proposed transaction.
Giant is an Alberta company with exploration and development rights to mining properties in northern Quebec. The company's two key principals, David Stadnyk and George Tsafalas, have extensive experience and a track record of success in a variety of business sectors, including oil and gas. If the merger of Giant and PetroWorth is approved, Mr. Stadnyk and Mr. Tsafalas will head up the new management team for the merged entity.
"This merger will be good for PetroWorth's shareholders. The proposed new management team has the vision, experience, international connections and access to capital markets to take our combined businesses in an exciting new and profitable direction," said Neal Mednick, president of PetroWorth Resources Inc.
"The combined business entity will give us the flexibility and ability to build our asset base while we are pursuing international oil and gas opportunities. An exciting time and a major step forward to enhance the progression of the new merged company," said David Stadnyk, Chairman of Giant Exploration Inc.
Further details on the proposed merger will be forthcoming.
PetroWorth Resources Inc. is a junior oil and gas exploration company with properties in Alberta and Eastern Canada.
Giant Exploration Inc. is a private company exploring for Gold, Silver and Copper in the Abitibi Greenstone Belt in Quebec, Canada.
CAUTION REGARDING FORWARD LOOKING STATEMENTS
Certain statements contained herein constitute forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Corporation believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this report should not be unduly relied upon. The Corporation does not undertake any obligation to publicly update or revise any forward-looking statements.
PetroWorth Resources Inc.
Giant Exploration Inc.
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