PHILADELPHIA, June 17, 2014 /PRNewswire/ -- Pardee Resources
Company (OTC: PDER) (the "Company") announced today that its recent
offer to purchase up to 22,600 shares of its outstanding common
stock at a purchase price of $265.50
per share (the "Offer") expired as scheduled on June 13, 2014. The number of shares
tendered in the Offer exceeded the maximum number of shares
initially sought in the Offer. In accordance with the
discretion afforded the Company under the terms of the Offer, the
Company has elected to purchase all of the 51,300 common shares
which were tendered, at a purchase price of $265.50 per share, for an aggregate consideration
of $13,620,150.
This press release may contain certain forward-looking
statements, including statements with regard to future events or
the future performance or operation of the Company. These
statements are "forward-looking" statements within the meaning of
the Private Securities Litigation Reform Act of 1995. While
these forward-looking statements represent our judgments and future
expectations concerning our business, a number of risks,
uncertainties and other important factors could cause actual
developments and results to differ materially from our
expectations. These factors include, but are not limited to:
changes in the economy, risks associated with possible disruption
in the Company's operations or the economy generally due to
terrorism or natural disasters, future changes in laws or
regulations and conditions in the Company's operating area, the
ability to complete the Offer, and the price at which shares of
common stock may trade on the over-the-counter market in the
so-called "pink sheets", which may be higher or lower than the
purchase price in the Offer. As a result, these
forward-looking statements may turn out to be incorrect. We
are under no obligation to (and expressly disclaim any obligation
to) update or alter these forward-looking statements whether as a
result of new information, future events or otherwise.
SOURCE Pardee Resources Company