Bonnett's Energy Corp. announces voting results of special meeting in respect of arrangement involving Mill City Capital, L.P.

CALGARY, Oct. 31, 2013 /CNW/ - Further to its press release of October 7, 2013, Bonnett's Energy Corp. ("Bonnett's") (TSX - BT) announced today the results of the special meeting of the Bonnett's shareholders to approve the arrangement (the "Arrangement") with BEC Acquisition Ltd. ("BEC Acquisitionco"), an entity sponsored by Mill City Capital, L.P.

The Arrangement involves Bonnett's, BEC Acquisitionco and the Bonnett's shareholders, with participation by certain members of Bonnett's management and certain other shareholders, collectively, being the "On-Going Shareholders". The Arrangement was approved at the special meeting of Bonnett's shareholders held on October 31, 2013 by 99.84% of the votes cast by the Bonnett's shareholders and 99.72% of the votes cast by the Bonnett's shareholders, other than the On-Going Shareholders and any other "interested parties" for the purposes of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions.

Provided that the Arrangement is approved by the Court of Queen's Bench of Alberta and the other closing conditions are met, Bonnett's anticipates that the Arrangement will be completed on or about November 5, 2013.

Forward-Looking Statements

Certain disclosures set forth in this press release constitute forward-looking statements. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipated", "believes", "continue", "could", "estimate", "forecast", "intends", "may", "plan", "predicts", "projects", "should", "will" and other similar expressions. More particularly and without limitation, this press release contains forward-looking statements concerning: the timing and anticipated receipt of court approval for the Arrangement; the ability of Bonnett's and BEC Acquisitionco to satisfy the other conditions to, and to complete, the Arrangement; and the anticipated timing of the closing of the Arrangement.

In respect of the forward-looking statements and information concerning the anticipated completion of the proposed Arrangement and the anticipated timing for completion of the Arrangement, Bonnett's has provided such in reliance on certain assumptions that it believes are reasonable at this time, including assumptions regarding the ability of the parties to receive, in a timely manner, the necessary court and other third party approvals; and the ability of the parties to satisfy, in a timely manner, the other conditions to the closing of the Arrangement. These dates may change for a number of reasons, including the inability to secure necessary court or other third party approvals in the time assumed or the need for additional time to satisfy the other conditions to the completion of the Arrangement. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release concerning these times.

Risks and uncertainties inherent in the nature of the Arrangement include the failure of Bonnett's or BEC Acquisitionco to obtain necessary court and other third party approvals, or to otherwise satisfy the conditions to the Arrangement, in a timely manner, or at all. Failure to obtain such approvals, or the failure of Bonnett's or BEC Acquisitionco to otherwise satisfy the conditions to the Arrangement, may result in the Arrangement not being completed on the proposed terms, or at all.

Forward-looking statements relate to future events and/or performance and although considered reasonable by Bonnett's at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated in the statements made.

Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Bonnett's' operations or financial results are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements and information contained in this press release are made as of the date hereof and Bonnett's undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

SOURCE: Bonnett's Energy Corp.

Additional information can be obtained by contacting Bonnett's Energy Corp., 65007 43 Hwy., County of Grande Prairie No. 1, Alberta, T8V 5E7.  Information is also available on the Corporation's website at  www.bonnettsenergy.com or by contacting Murray Toews, Chief Executive Officer at [phone] or David Ross, Chief Financial Officer at [phone], Fax: [phone], E-mail: [email protected].