RIO DE JANEIRO, Dec. 29, 2016 /CNW/ - Petro Rio S.A.
("PetroRio" or the "Company") (BM&FBOVESPA: PRIO3, TSX-V: PRJ)
announced today that all of the issued and outstanding global
depositary shares ("GDS") will be delisted from the TSX Venture
Exchange ("TSXV") following the close of the trading session of
January 27, 2017.
The delisting will occur in connection with the termination of
the deposit agreement among the owners and holders of GDS ("GDS
holders"), Deutsche Bank Trust Company Americas ("Deutsche Bank")
and the Company (the "Deposit Agreement") which is anticipated to
occur on January 27, 2017 (the
"Termination Date"). Commencing on the Termination Date and ending
on the date that is four months after the Termination Date,
Deutsche Bank will, upon request from GDS holders, deliver the
underlying Common Shares to such holders of GDS in accordance with
the terms and conditions of the Deposit Agreement and such GDS
holders' written instructions. In the absence of written
instructions from the GDS holders or their agents by the end of
such four month period as to how the underlying Common Shares are
to be delivered to a valid brokerage account, such Common Shares to
which the former GDS holder was entitled will be sold in the market
by Deutsche Bank and the net proceeds remitted to the former GDS
holder.
The Common Shares will continue to be traded on the facilities
of the BM&FBovespa in Brazil
and GDS holders, if they provide instructions to receive Common
Shares, will be able to sell the Common Shares received upon
termination of the GDS program on such exchange without
restriction, save for the general application of Brazilian
securities and tax laws.
For further information, please contact the Company's Investor
Relations Department.
Sedar Profile # 00031536
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.
About PetroRio
PetroRio is one of the largest independent companies in the oil
and gas production in Brazil. It
is the operator of the Polvo Field, located in the Campos Basin,
which has Brazil's seventh largest
daily production of barrels of oil equivalent (boe). PetroRio is
the owner of "Polvo A" fixed platform and a 3.000HP drilling rig,
currently in operation in this Field, being the platform connected
to the "Polvo FPSO" vessel, with capacity to segregate hydrocarbons
and water treatment, oil storage and offloading. Polvo Field
license covers an area of approximately 134km2, with several
prospects with potential for further explorations. The Company´s
corporate culture seeks to increase production through the
acquisition of new production assets, the re-exploration of assets,
increased operational efficiency and reduction of production costs
and corporate expenses. PetroRio's main objective is to create
value for its shareholders with growing financial discipline and
preserving its liquidity, with full respect for safety and the
environment. For further information, please visit the Company's
website: www.petroriosa.com.br.
Cautionary Note Regarding Forward-Looking Statements
Except for statements of historical fact, certain information
contained herein constitutes "forward-looking information" under
Canadian and Brazilian securities legislation. Forward-looking
information includes, but is not limited to: statements concerning
the delisting of the GDS and the termination of the GDS program,
including the anticipated delisting of the GDS following the close
of business on January 27, 2017.
Generally, forward-looking information can be identified by the use
of forward-looking terminology such as "will", "occur", "expect",
"believe", "anticipate", "intend", "continue", or the negative
thereof or other similar expressions. Forward-looking statements
are based on the opinions and estimates of management as of the
date such statements are made. Forward-looking information is
subject to known and unknown risks, uncertainties and other factors
that may cause actual results to be materially different from those
expressed or implied by such forward-looking information,
including, but not limited to, the risks described in the Company's
current annual information form posted under its profile on SEDAR
at www.sedar.com. Although management of Petro Rio has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking information, there may be other
factors that could cause results not to be as anticipated,
estimated or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking information. The Company does not undertake to
update any forward-looking information, except in accordance with
applicable securities laws.
SOURCE PetroRio