Essex Announces Restructuring
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 03/02/15 -- ESSEX OIL LTD. ("Company") reports that with the current decline in the price of oil, the Company believes that it will not be able to raise the necessary funds to bring the lease payments current and retain its interest in its oil and gas properties prior to the expiry dates of the leases. Accordingly, the Company has decided to terminate its oil and gas operations. The Company will refocus its efforts to identify and evaluate potential business acquisitions in Canada and elsewhere, and once identified and evaluated, to negotiate a business combination transaction, subject to the receipt of regulatory and shareholder approval.
In order to terminate its oil and gas operations and to put the Company in a position to complete a business combination transaction, on February 27, 2015, the Board of Directors of the Company approved the following transactions:
The conversion of outstanding debt will include outstanding debts of $240,597 owed to Randsburg and $275,948 owed to directors and officers and companies controlled by them. A director of the Company is a director of Randsburg.
The Company will rely on Financial Hardship Exemptions of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions, to exempt it from obtaining minority approval for the above related party transactions, on the basis that:
Statements made in this news release that are not historical facts are "forward-looking statements" and readers are cautioned that any such "forward-looking statements" are not guarantees of future performance and that actual developments or results may vary materially from those in such "forward-looking statements".
Contacts:
Essex Oil Ltd.
Miles Nagamatsu
Chief Financial Officer and Director
(416) 360-8006
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Datum: 02.03.2015 - 10:42 Uhr
Sprache: Deutsch
News-ID 1341072
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