VANCOUVER, July 27, 2018 /CNW/ - PentaNova Energy Corp. (the
"Company") (TSXV: PNO), announces that the Board of
Directors of the Company has approved a name change to "CruzSur
Energy Corp" and a consolidation of its issued and outstanding
share capital on the basis of one new common share for ten
outstanding common shares, subject to TSX Venture Exchange
approval. As a result, the outstanding common shares of the
Company will be reduced to approximately 24,220,160, subject to
adjustment for fractional shares. The Consolidation will also
apply to Common Shares issuable upon the exercise of the Company's
outstanding stock options and warrants.
The Company also announces a reorganization of it's Board of
Directors with the resignations of Mr. Serafino Iacono, Mr. Francisco Sole, Mr. Hernan Martinez and Mr. Jaime Perez Branger, who all joined the Board of
Directors in 2017. Following their departure, the Company's
Board of Directors comprises of Frank
Giustra, Gordon Keep,
Ralph Gillcrist and Jeffrey Scott.
Ralph Gillcrist stated "We are
carrying out actions that places the Company on a new path and the
corporate name change is part of our new identity moving forward.
Our strategy is to refocus the Company's asset portfolio,
concentrating on assets which will fund core exploration. We have
now implemented industry standards and processes which will improve
execution efficiency and the ultimate goal is to build a profitable
self-sustaining energy company."
About PentaNova Energy Corp.
PentaNova Energy Corp. is a publicly traded E&P company
focused on proven oil & gas plays in Latin America. The Company holds a large
diversified portfolio of producing, development and unexploited
assets in Colombia and
Argentina where it will leverage
its amplitude of technical expertise and proven track record
building companies and creating value.
Complete reports and statements are available on SEDAR at
www.sedar.com and on the Company website
www.pentanovaenergy.com.
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 operations 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
such 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 inability to
perform the proposed operations.
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 planned operations and activities. The
Company has also assumed that no significant events will 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.
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.
SOURCE PentaNova Energy Corp.