InterOil Updates On Transaction With Exxon Mobil; Extends Outside Date To Mar 31

(RTTNews) - InterOil Corp. (IOC) announced that it has entered into an Amended and Restated Arrangement Agreement with Exxon Mobil Corp (NYSE: XOM), which among other items, extends the outside date of the transaction to March 31, 2017. Either party has the right to further extend the outside date to May 31, 2017 if conditions to closing have been satisfied other than those relating to receipt of a final order from the Yukon court.

InterOil said its Independent Transaction Committee unanimously recommended and the board approved ExxonMobil Transaction.

Under the terms of the Amended Agreement,ExxonMobil has agreed to purchase all issued and outstanding common shares of InterOil for consideration consisting of US$45.00 per share payable in ExxonMobil shares and a contingent resource payment.

Based on the anticipated timing of the interim order hearing, InterOil expects to mail a management information circular relating to a special meeting to vote on the ExxonMobil transaction in mid-January 2017, and anticipates that the meeting will be scheduled for mid-February 2017.

To accommodate this schedule, the InterOil Board has set a new Record Date of January 10, 2017. Holders of record of InterOil's common shares, options and restricted share units at the close of business on January 10, 2017 will be entitled to vote at the special meeting.