Quattro Announces Issuance of Preferred Shares
December 09 2016 - 08:13PM
Quattro Exploration And Production Ltd. (TSX-V:QXP)
("
Quattro" or the "
Company")
announced today that it proposes to issue 1,800 Series 5, Class C
Preferred Shares in full payment of the USD$136,500 cash obligation
arising pursuant to the acquisition of the 100% interest in the El
Cedro License, Block 6-2012 in Guatemala, as announced in September
2016. The Preferred Shares are of the same class issued
pursuant to the Acquisition. The shares are priced at $100
per share and pay an annual preferred dividend of $3.50 per share.
The holder will have the right on the anniversary of the 2nd
year of issuance to convert the Preferred Shares into Class A
common shares at a ratio of 40 Class A shares for each Preferred
Share converted, valuing the Quattro Class A common shares received
on conversion at a deemed price of $2.50 per share.
The proposed share issuance is subject to the
approval of the TSX Venture Exchange.
About Quattro Exploration and Production
Ltd.
Quattro Exploration and Production Ltd. (“QXP”)
continues to focus on the conventional exploration and development
of oil and natural gas reserves in Western Canada, with an
expanding presence in Alberta and BC. Our core low risk
production base will provide us the capacity to aggressively pursue
a series of high impact exploration and development efforts in
Central and South America. The company intends to balance
this portfolio of activities to assure its shareholders that it
achieves material growth in both reserves and production.
FOR FURTHER INFORMATION PLEASE CONTACT:
Leonard Van BetuwPresident and Chief Executive
OfficerOffice (403) 984-3917 Ext.102Direct Line (587)
228-7070leonard@qxp-petro.com
www.qxp-petro.com
This release includes certain statements that
may be deemed “forward-looking statements”. All statements in this
release, other than statements of historical facts, that address
future production, reserve potential, exploration drilling,
exploitation activities and events or developments that the Company
expects are forward-looking statements. Although the Company
believes the expectations expressed in such forward looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results or
developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results
to differ materially from those in forward looking statements
include market prices, exploitation and exploration successes,
continued availability of capital and financing, and general
economic, market or business conditions. Investors are cautioned
that any such statements are not guarantees of future performance
and those actual results or developments may differ materially from
those projected in the forward-looking statements. For more
information on the Company, Investors should review the Company’s
registered filings which are available at www.sedar.com.
This news release shall not constitute an offer
to sell or the solicitation of any offer to buy, nor shall there be
any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful. The securities
offered have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent registration or applicable exemption
from the registration requirements of the U.S. Securities Act and
applicable state securities laws.
Trading in the securities of Quattro Exploration
& Production Ltd. should be considered highly speculative.
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.