Final Regulatory Approval for Acquisition of Caracal

Final Regulatory Approval Received for Acquisition of Caracal by Glencore CALGARY, July 2, 2014 /CNW/ - Caracal Energy Inc. ("Caracal" or the "Company")(LSE:CRCL) announced today that Glencore plc ("Glencore") has receivedInvestment Canada Act approval in connection with the plan of arrangement toeffect the acquisition of all the issued and outstanding common shares ofCaracal by a wholly owned subsidiary of Glencore (the "Arrangement"). Investment Canada Act approval was the final outstanding regulatory approvalwith respect to the Arrangement. Accordingly, Caracal now expects the effectivedate of the Arrangement to be July 8, 2014 (the "Effective Date"). On theEffective Date, Glencore will release the funds to be subsequently paid toshareholders and holders of depositary interests ("DI Holders") as describedunder the heading "Information for shareholders and DI Holders" below. Information for shareholders and DI Holders Shareholders will be entitled to receive payment of £5.50 per common share incash (the "Consideration") following the Effective Date. Shareholders willreceive U.S. dollars unless an election is made on a Letter of Transmittal toreceive payment in Canadian dollars or pounds sterling. Registered shareholders are required to submit a Letter of Transmittal toComputershare Trust Company of Canada, together with the certificate(s)representing common shares of Caracal and all other required documents. For areplacement Letter of Transmittal, contact Computershare Trust Company ofCanada toll free at 1-800-564-6253. Registered shareholders must make theircurrency election in the Letter of Transmittal by no later than 5:00 p.m.(Toronto Time) on July 9, 2014. Non-registered shareholders should contacttheir broker, trustee, financial institution, custodian, nominee or otherintermediary to confirm matters relating to payment of the Consideration, or ifthey wish to elect to receive Canadian dollars or pounds sterling. DI Holders can elect to receive payment in U.S. dollars. If no election ismade, DI Holders will be deemed to have elected to receive payment in poundssterling. DI Holders must submit their currency election through the CRESTsystem by no later than 5:00 p.m. (London Time) on July 9, 2014. The exchange rate that will be used to convert the Consideration from poundssterling into Canadian or U.S. dollars, as the case may be, will be theprevailing market rate on the date the funds are converted, which is expectedto be on or about July 9, 2014. The risk of any fluctuations in such rates,including risks relating to the particular date and time at which funds areconverted, will be solely borne by the shareholder or DI Holder, as the casemay be. For further information regarding the election of currency for theConsideration, please see the management information circular and proxystatement dated May 9, 2014, which is available at www.sedar.com. About Caracal Energy Inc. Caracal Energy Inc. is an international exploration and development companyfocused on oil and gas exploration, development and production activities inthe Republic of Chad, Africa. In 2011, the Company entered into threeproduction sharing contracts ("PSCs") with the government of the Republic ofChad. These PSCs provide exclusive rights to explore and develop reserves andresources over a combined area of 26,103 km2 in southern Chad. The Company's shares trade on the London Stock Exchange under the symbol CRCL. About Glencore Glencore is one of the world's largest global diversified natural resourcecompanies. As a leading integrated producer and marketer of commodities with awell-balanced portfolio of diverse industrial assets, Glencore is stronglypositioned to capture value at every stage of the supply chain, from sourcingmaterials deep underground to delivering products to an international customerbase. The Group's industrial and marketing activities are supported by a globalnetwork of more than 90 offices located in over 50 countries. The Group'sdiversified operations comprise over 150 mining and metallurgical sites,offshore oil production assets, farms and agricultural facilities. The Groupemploys approximately 200,000 people, including contractors. Cautionary Statement on Forward-Looking Information Certain information in this press release is "forward-looking information"within the meaning of applicable Canadian securities legislation and isprospective in nature, including information regarding completion of theArrangement and the timing thereof. Forward-looking information is not based onhistorical facts, but rather on current expectations and projections aboutfuture events, and is therefore subject to risks and uncertainties which couldcause actual results to differ materially from the future results expressed orimplied by the forward-looking information. This information generally can beidentified by the use of forward-looking words such as "may", "should", "will","could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or"continue", or the negative thereof or similar variations. In particular, anystatements regarding Caracal's future expectations, beliefs, goals or prospectsare or involve forward-looking information. Forward-looking information is also necessarily based upon a number ofassumptions that, while considered reasonable by management, are inherentlysubject to significant business, economic and competitive uncertainties andcontingencies. Caracal cautions the reader that such forward-lookinginformation involves known and unknown risks, uncertainties and other factorsthat could cause actual results, performance or achievements of Caracal todiffer materially from any future results, performance or achievementsexpressed or implied by such forward-looking information. In addition togeneral economic conditions, there are specific risks including, but notlimited to, the possibility that any remaining conditions precedent to theArrangement may not be satisfied or waived on the expected Effective Date orprior to the agreed outside date to complete the Arrangement. Caracal believesthe material factors, expectations and assumptions reflected in theforward-looking statements are reasonable, but no assurance can be given thatthese factors, expectations and assumptions will prove to be correct. Undue reliance should not be placed on the forward-looking statements containedherein, which are made as of the date hereof and, except as required by law,Caracal undertakes no obligation to update publicly or revise anyforward-looking statements, whether as a result of new information, futureevents or otherwise. The forward-looking statements contained herein areexpressly qualified by this cautionary statement. SOURCE: Caracal Energy Inc. For further information: Caracal Energy Inc.Gary Guidry, President and Chief Executive OfficerTrevor Peters, Chief Financial Officer+1 403-724-7200 Longview Communications - Canadian Media EnquiriesAlan Bayless+1 604-694-6035Joel Shaffer+1 416-649-8006 FTI Consulting - UK Media EnquiriesBen Brewerton / Ed Westropp+ 44 (0) 207 8313 3113caracalenergy.sc@fticonsulting.com