ST. HELIER, JERSEY, Oct. 14, 2014
/CNW/ - EastSiberian Plc (TSX NEX: ESB.H) ("EastSiberian" or
the "Corporation"), a Jersey company, today announces that
it has issued an aggregate 8,914,320 common shares to current and
former directors and officers of the Corporation and consultants to
the Corporation, to settle an aggregate $445,716 indebtedness, which represents a portion
of outstanding amounts owing by the Corporation to such directors,
officers and consultants. This share issuance was made
further to the previously announced shares for debt settlement
agreements with such current and former directors, officers and
consultants.
Further settlement by the Corporation of outstanding debt
obligations through the issuance of common shares requires the
approval of the shareholders of the Corporation. The
Corporation intends to seek such approval at the next annual
meeting of shareholders. The Corporation has determined to
settle its obligations with directors, officers and consultants and
to issue common shares to help improve the financial position of
the Corporation.
The common shares were issued on a private placement basis
pursuant to exemptions from applicable Canadian securities laws and
are subject to a four-month and one day hold period from the date
of issuance of the Debt Shares.
The Corporation also announces that in preparation for its
proposed reorganization, Mr. Maxim
Sidorin has resigned as Chief Executive Officer effective
October 10, 2014 and Mr. Richard Norris has been appointed as Interim
Chief Financial Officer effective October 10, 2014 Mr. Sidorin
will continue as a director of the Corporation. Mr. Phipps,
the President of the Corporation, will act as interim Chief
Executive Officer.
About EastSiberian
EastSiberian is an international junior oil exploration company
incorporated in the Bailiwick of Jersey. For further information,
please visit the EastSiberian Plc website at
www.eastsiberianplc.com. The common shares of the Corporation
are currently listed on the NEX.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE EastSiberian Plc