VANCOUVER, April 5, 2017 /CNW/ - PMI Resources Ltd.
("PMI" or the "Company") (TSXV: PMI), is
pleased to announce that it has closed its acquisition of PentaNova
Energy Corp. (the "Acquisition"), as previously disclosed by
the Company on January 25 and
February 10, 2017.
In connection with the acquisition the Company issued an
aggregate of 161,641,560 common shares to the Shareholders of
PentaNova. In addition Messrs. Serafino
Iacono, Jaime Perez Branger,
Hernan Martinez and Francisco Sole have been appointed to the Board.
Management of the Company now consists of Mr. Luciano Biondi as CEO, Gregg Vernon as President, Chris Reid as CFO and Corporate Secretary,
Francisco Bustillos as
Vice-President of Corporate Development and Administration and
Warren Levy as President,
Argentinean Operations. Mr. Robert
Kang has resigned as a director and the Company wishes to
thank Mr. Kang for his services
In addition to the foregoing, 9,561,000 common shares have been
issued on exchange of the previously issued subscription receipts
of the Company, which shares are subject to a hold period expiring
on June 9, 2017, and 1.6 million
common shares were issued as a success fee in respect of the
Acquisition, which shares are subject to a hold period expiring on
August 5, 2017.
Additional information on the Acquisition and on PentaNova and
its properties can be found in the Company's Filing Statement dated
March 30, 2017 prepared in respect of
the Acquisition, which can be found under the Company's profile at
www.SEDAR.com.
Trading in the common shares of the Company has been halted in
accordance with the policies of the Exchange and will remain halted
until such time as all required documentation has been filed with
and accepted by the Exchange in connection with the Company's
previously announced Patagonia acquisition and permission to resume
trading has been obtained from the Exchange.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward-Looking Information
Except for the statements of historical fact, this news
release contains "forward-looking information" within the meaning
of the applicable Canadian securities legislation that is based on
expectations, estimates and projections as at the date of this news
release. The information in this news release about the
completion of the Transaction described herein, and other
forward-looking information includes but is not limited to
information concerning the intentions, plans and future actions of
the parties to the transactions described herein and the terms of
the Transaction.
Factors that could cause actual results to differ materially
from those described in such forward-looking information include,
but are not limited to, risks related to the Company's or
PentaNova's inability to satisfy a condition precedent to the
completion of the transaction (including obtaining necessary
regulatory approvals and completion of the Offering), other risks
related to completion of the transaction and risks related to the
inability of either of the Company or PentaNova to perform its
respective obligations under the transaction.
The forward-looking information in this news release reflects
the current expectations, assumptions and/or beliefs of the Company
based on information currently available to the Company. In
connection with the forward-looking information contained in this
news release, the Company has made assumptions about the Company's
ability to complete the transaction and PentaNova's ability to
complete the acquisition of the Assets. The Company has also
assumed that no significant events occur outside of the Company's
normal course of business. Although the Company believes that the
assumptions inherent in the forward-looking information are
reasonable, forward-looking information is not a guarantee of
future performance and accordingly undue reliance should not be put
on such information due to the inherent uncertainty
therein.
Any forward-looking information speaks only as of the date on
which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to
update any forward-looking information, whether as a result of new
information, future events or results or otherwise.
SOURCE PMI Resources Ltd.