CALGARY, Sept. 23, 2015 /CNW/ - On September 18, 2015 James W. Collins of 900 East
Lakeview Drive McAllen, Texas
("Collins") acquired through: (i) ANG Partners, Ltd.
("ANG"), beneficial ownership and control of 33,661,884
common shares (the "Common Shares") of Montana Exploration
Corp. ("Montana") pursuant
to a debt settlement agreement dated September 18, 2015, whereby ANG agreed to
exchange shareholder debt owing to ANG by Montana in the aggregate amount of
$3,366,188.40 for 33,661,884 Common
Shares at a price of $0.10 per Common
Share; and (ii) Rioco Partners, Ltd. ("Rioco"), beneficial
ownership and control of 43,788,466 Common Shares of Montana pursuant to a debt settlement
agreement dated September 18, 2015,
pursuant to which Rioco agreed to exchange shareholder debt owing
to Rioco by Montana in the
aggregate amount of $4,378,846.60 for
43,788,466 Common Shares at a price of $0.10 per Common Share (collectively, the
"Collins Debt Conversion").
Blue Sky Exploration Limited, c/o McIntyre Partners, 30A Brook
Street, London, United Kingdom,
W1K 5DJ ("Blue Sky") on September 18,
2015 acquired beneficial ownership and control of 15,593,292
Common Shares of Montana pursuant
to a debt settlement agreement dated September 18, 2015, pursuant to which Blue Sky
agreed to exchange shareholder debt owing by Montana in the aggregate amount of
$1,559,329.20 for 15,593,292 Common
Shares at a price of $0.10 per Common
Share (the "Blue Sky Debt Conversion").
The aggregate of 77,450,350 Common Shares acquired pursuant to
the Collins Debt Conversion represent approximately 32% of the
issued and outstanding Common Shares of Montana at the close of markets on
September 18, 2015. The
aggregate of 15,593,292 Common Shares acquired pursuant to the Blue
Sky Debt Conversion represent approximately 6.4% of the issued and
outstanding Common Shares of Montana at the close of markets on
September 18, 2015.
Upon the issuance of the Common Shares, Collins beneficially
owns and controls approximately 131,652,979 Common Shares and Blue
Sky beneficially owns and controls approximately 35,593,292 Common
Shares, representing 54.3% and 14.7%, respectively, of the issued
and outstanding Common Shares of Montana after the issuance of 42,751,418
Common Shares pursuant to the acquisition of Gale Force Petroleum
Inc.
The acquisition of the Common Shares by Collins is to settle
shareholder debt owing to Collins by Montana in the aggregate amount of
approximately $7,745,035.00 and
shareholder debt owing to Blue Sky by Montana in the aggregate amount of
approximately $1,559,329.20.
Collins and Blue Sky may each from time to time dispose of, or
acquire, additional securities of Montana. The Common Shares
were issued to ANG, Rioco and Blue Sky in reliance upon the
securities for debt exemption in Section 2.14 of National
Instrument 45-106 - Prospectus and Registration
Exemptions.
This Press Release is issued pursuant to National Instrument
62-103 – The Early Warning System and Related Take-Over Bid and
Insider Reporting Issues, which also requires a report to be
filed with regulatory authorities in each of the jurisdictions in
which Montana is a reporting
issuer containing information with respect to the foregoing matters
(the "Early Warning Report").
TheTSX Venture Exchange has not reviewed and does not accept
the responsibility for the accuracy or adequacy of this press
release.
SOURCE Montana Exploration Corp.