VANCOUVER, Feb. 19, 2019 /CNW/ - East West
Petroleum Corp. (TSX-V: EW) ("East West" or the
"Company") is pleased to provide this corporate
update.
JUVA LIFE INC. ("JUVA") ACQUISITION UPDATE
The Company is pleased to announce that it has executed a
definitive agreement with Juva Life Inc. ("Juva") pursuant
to which it will complete, subject to shareholder approval, the
acquisition of Juva (the "Transaction') as previously
announced and discussed in further detail in the Company's news
releases dated January 8, 2018,
August 17, 2018 and July 17, 2018 (the "News Releases").
In connection with the Transaction, the Company plans to delist its
common shares from the TSX Venture Exchange, change its name to
Juva and subsequently list on the Canadian Securities
Exchange. On completion of the Transaction, the business of
the Company will be the business of Juva.
Additionally, the Company has received an interim order from the
Supreme Court of British Columbia
in connection with its proposed spin out of assets to East West Oil
and Gas Limited (the "Spin-Out"), as more particularly
described in the News Releases, anticipated to complete prior to or
concurrently with the Transaction.
A meeting of shareholders to vote on the Transaction, the
Spin-Out, and related matters will be held on March 15, 2019 at 10
AM at Suite 1500, 1055 West Georgia Street, Vancouver BC. On February 15th the Company's
information circular was mailed to shareholders. Assuming
shareholders approve the Transaction, closing is anticipated to
occur on or about March
21st, 2019.
On completion of each of the Transaction and the Spin-Out,
shareholders of the Company will hold common shares in the capital
of Juva on a basis of 1 share of Juva for each 10 shares of the
Company and common shares in the spin out company East West
Oil and Gas Limited in the same quantity as their current
shareholdings in the Company. East West Oil and Gas Limited
will hold the existing assets of the Company and will seek a
listing on a recognized exchange.
About East West Petroleum Corp.
East West Petroleum Corp. (www.eastwestpetroleum.ca) is a TSX
Venture Exchange listed company established in 2010 to invest in
international oil & gas opportunities. The Company has its
primary focus on two key areas: New
Zealand, where it has established production and cash flow
and Romania where it is carried to
production on an exploration program. In Romania the Company has exploration rights in
four exploration concessions covering 1,000,000 acres in the
prolific Pannonian Basin of western Romania with Naftna Industrija Srbije ("NIS").
The Company does not own the acres but has exploration rights.
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.
This news release contains "forward-looking information"
within the meaning of applicable securities laws. The Company has
provided the forward-looking information, including, without
limitation, statements relating to the receipt of shareholder
approval for and subsequent completion of the Transaction, the
Spin-Out, the consolidation of common shares in the capital of the
Company, and related transactions, in reliance on assumptions that
it believes are reasonable at this time. Although the Company
believes in light of the experience of its officers and directors,
current conditions and expected future developments and other
factors that have been considered appropriate that the expectations
reflected in this forward-looking information are reasonable, undue
reliance should not be placed on them because the Company can give
no assurance that they will prove to be correct. Actual results and
developments may differ materially from those contemplated by these
statements depending on, among other things, changes in general
economic, market, or business conditions, and those risks set out
in the Company's public documents filed on SEDAR. The
forward-looking statements contained in this news release are made
as of the date hereof and the Company does not undertake to update
any forward-looking statements or forward-looking information that
is incorporated by reference herein, except as required by
applicable securities laws.
SOURCE East West Petroleum Corp.