CALGARY, May 20, 2016 /CNW/ - Petromanas Energy Inc.
("Petromanas" or the "Company") (TSXV: PMI) is pleased to announce
that following post-closing adjustments for the sale of
substantially all of the assets of Petromanas Albania GmbH,
Petromanas' wholly-owned subsidiary, for US$45 million (the "Transaction"), the amount of
the previously announced cash distribution by way of return of
capital (the "Distribution") has been fixed at CAD$0.08 per share for an aggregate amount of CAD
$55.5 million.
The record date for the return of capital distribution will be
June 1, 2016 and the Distribution
will be paid on June 7, 2016.
The Distribution will be funded from the proceeds received by
Petromanas in connection with the Transaction which was approved by
shareholders at the Company's annual general and special meeting
held on March 14, 2016.
The Distribution will be made in accordance with the "due bill"
trading procedures mandated by the TSX Venture Exchange for large
dividends and distributions. The purpose is to result in
traded shares carrying the value of the Distribution until it is
paid. A due bill will notionally represent the CAD$0.08 Distribution that a holder of a
Petromanas share is entitled to receive. A due bill will
attach to each share traded, from the second trading day before the
record date for the Distribution until the date on which the
Distribution is paid. During this due bill trading period,
the shares will trade on a "due bills basis", meaning a seller of
shares will also sell to the purchaser the entitlement to the
Distribution (which is represented by the due bill attached to each
share sold). The due bill period for the Distribution will be
May 30, 2016 to June 7, 2016. Anyone acquiring the shares
up to and including June 7, 2016 will
be entitled to receive the Distribution. The shares will
commence trading on an ex-distribution basis (without an attached
"due bill" entitlement) effective from the opening of trading on
June 8, 2016, the next trading day
following the Distribution date. The due bill redemption date
will be June 10, 2016 (the second
trading day after the ex-distribution date, when all trades with
due bills attached have settled).
Shareholders do not need to take any action. Petromanas'
transfer agent will send to registered shareholders a cheque
representing the return of capital and beneficial shareholders will
have their brokerage accounts automatically updated to reflect the
Distribution.
Filing of Q1 Financial Results
The Company also announced that it has filed its financial
statements and related Management's Discussion and Analysis
("MD&A") for the quarter ended March 31,
2016 on SEDAR. The financial statements and MD&A will be
available at www.sedar.com.
Directors and Officers
Subsequent to the approval of the Q1 2016 financial statements
and MDA and the setting of the record date in respect of the
Distribution, Mr. David Farrell, Mr.
Thomas O'Neill and Mr. Robert Kang were appointed to the Board of
Directors and all of the incumbent directors of the Corporation
resigned. In addition, Mr. Verne Johnson resigned as interim
CEO and Mr. Bill Cummins resigned as
interim CFO and Corporate Secretary. Mr. David Farrell was appointed as CEO, Ms.
Harpreet Dhaliwal was appointed as
CFO and Tally Barmash was appointed as Corporate Secretary. The
Company has retained Fiore Management & Advisory Corp for
financial advisory and corporate administration services
About Petromanas Energy Inc.
Petromanas Energy Inc. is an international oil and gas company
with exploration assets in France,
including two exploration licenses (Ger and Ledeiux) totalling
169,790 net acres located in the gas-producing Acquitaine
Basin.
This press release contains certain "forward-looking
information" or "forward-looking statements" (collectively referred
to herein as "forward-looking statements") within the meaning of
applicable securities laws. Such forward-looking statements
include, without limitation, the expectations, estimates and
projections of management of Petromanas as of the date of this news
release, unless otherwise stated. The use of any of the words
"expect", "anticipate", "continue", "estimate", "objective",
"ongoing", "may", "will", "project", "should", "believe", "plans",
"intends" and similar expressions are intended to identify
forward-looking information. More particularly and without
limitation, this press release contains forward-looking information
concerning the future performance of the Company, including but not
limited to the payment of the Distribution. In respect of the
forward-looking information, Petromanas has provided such in
reliance on certain assumptions that it believes are reasonable on
the date the statements were made, including assumptions as to the
advantages of the Distribution by way of return of capital, the
Company's ability to meet its capital and operational commitments,
the ability of Petromanas to receive, in a timely manner,
applicable regulatory approvals; and anticipated post-closing
adjustments. No assurances can be given as to future results,
levels of activity and achievements and such statements are not
guarantees of future performance. Accordingly, readers should not
place undue reliance on the forward-looking information contained
in this press release.
Since forward-looking information addresses future events and
conditions, by its very nature it involves inherent risks and
uncertainties. Actual results could differ materially from those
currently anticipated due to a number of factors and risks. These
include, but are not limited to the risks associated with the
industry in which Petromanas operates in general such as
operational and exploration risks; the variability of closing
adjustments; delays or changes in plans with respect to growth
projects or capital expenditures; delays in obtaining or the
failure to obtain governmental approvals, permits or financing or
political risks in the completion of development or construction
activities; access to drilling rigs, completion equipment, seismic
equipment and operational personnel; costs and expenses; political
risks; risks of litigation; title disputes; health, safety and
environmental risks; commodity price, interest rate and exchange
rate fluctuations; environmental risks; competition; ability to
access sufficient capital from internal and external sources; and
changes in legislation, including but not limited to tax laws and
environmental regulations. There is a specific risk that the
Company may be unable to complete the Distribution in the manner
described in this press release or at all.
Readers are cautioned that the foregoing list of factors is
not exhaustive. Additional information on other factors that could
affect the operations or financial results of Petromanas are
included in reports on file with applicable securities regulatory
authorities, including but not limited to Petromanas' Annual
Information Form for the year ended December
31, 2014, which may be accessed on Petromanas' SEDAR profile
at www.sedar.com.
The forward-looking information contained in this press
release is made as of the date hereof and Petromanas
disclaims any intention or obligation to update publicly
or revise any forward-looking information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws. The forward-looking statements
contained in this news release are expressly qualified by this
cautionary statement.
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 Petromanas Energy Inc.