Compton Petroleum Corporation (TSX - CMT) announces that MFC Industrial Ltd. ("MFC") has extended the expiry time of its take-over bid offer for all of Compton's outstanding shares for cash consideration of $1.25 per Common Share to 5:00 p.m. (PDT) on August 27, 2012.
As at the date hereof, approximately 24.1 million Compton Shares have been deposited to the Offer, representing approximately 91.3% of the currently outstanding Compton Shares. This satisfies the 66.67% minimum tender requirement of the Offer.
The Offer has been extended as Compton and MFC are awaiting certain regulatory and other approvals, consents and documentation that are required to complete the transaction. Compton and MFC expect to receive these items before the new expiry time of the Offer.