CALGARY, Aug. 14, 2019 /CNW/ - (TSX: EGL): Eagle
Energy Inc. ("Eagle") announces that it has submitted an
application (the "Listing Application") to the TSX Venture
Exchange (the "TSX-V") to list its common shares (the
"Common Shares") on the TSX-V. In conjunction with
this application, Eagle has submitted an application to the Toronto
Stock Exchange ("TSX") for voluntary delisting (the
"Voluntary Delisting Application") of the Common Shares from
the TSX pursuant to Part VII, Section 720 of the TSX Company
Manual (the "Manual"). The Listing Application is
subject to TSX-V approval and the Voluntary Delisting Application
is subject to TSX approval.
Eagle received a letter from the TSX on July 9, 2019 that the TSX had commenced a review
of Eagle's eligibility for continued listing on the TSX of its
securities, pursuant to Part VII of the Manual. In response
to the aforementioned letter from the TSX, the board of directors
of Eagle have: (i) reviewed the TSX eligibility for listing
requirements as outlined in the Manual in relation to Eagle's
recent share price and trading activity on the TSX, as well as its
current operational and financial activities; (ii) considered
Eagle's alternatives; and (iii) authorized management to prepare a
Listing Application to the TSX-V, which Eagle submitted on
August 14, 2019.
The Voluntary Delisting Application is being made in conjunction
with and is subject to Eagle receiving approval from the TSX-V of
its Listing Application, confirming that Eagle meets the TSX-V
eligibility for listing criteria. There is no guarantee the
TSX-V will approve Eagle's Listing Application. If Eagle's
Listing Application is approved by the TSX-V, it is Eagle's
intention to take all reasonable and prudent steps as required and,
with the assistance from and cooperation with the TSX and TSX-V, to
list Eagle's Common Shares on the TSX-V without interruption or
delay. As a result, Eagle is unable to provide
delisting/listing dates at this time, but will provide updates once
further information is available.
Securityholder approvals of the Listing Application and
Voluntary Delisting Application are not required.
Note about Forward-Looking Statements
Certain of the statements made and information contained in this
news release are forward-looking statements and forward-looking
information (collectively referred to as "forward-looking
statements") within the meaning of Canadian securities
laws. In particular, and without limitation, this news
release contains forward-looking statements and information
relating to the expected voluntary delisting of Eagle's Common
Shares from the TSX and the listing of its Common Shares on the
TSX-V. These forward-looking statements and information are
based on certain key expectations and assumptions made by
Eagle. Assumptions have been made with respect to anticipated
approvals from the TSX and TSX-V on the Voluntary Delisting
Application and Listing Application. Although Eagle believes
that the expectations and assumptions on which such forward-looking
statements and information are based are reasonable, undue reliance
should not be placed on the forward-looking statements and
information as Eagle cannot give any assurance that they will prove
to be correct. Since forward-looking statements and
information address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated
due to a number of factors and risks. These include, but are
not limited to, the failure of Eagle to meet the TSX-V listing
requirements. Readers are cautioned that the foregoing list
of risks and uncertainties is not exhaustive. Other risk
factors that could affect Eagle's operations or financial results
are included in Eagle's annual information form and may be accessed
through the SEDAR website (www.sedar.com). The
forward-looking statements and information contained in this news
release are made as of the date hereof and Eagle does not undertake
any obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information,
future events or otherwise, unless so required by applicable
securities laws.
You should not place undue importance on forward-looking
information and should not rely upon this information as of any
other date. While Eagle may elect to, Eagle is under no
obligation and does not undertake to update this information at any
particular time, except as required by law.
About Eagle Energy Inc.
Eagle is an oil and gas corporation with shares listed for
trading on the Toronto Stock Exchange under the symbol "EGL".
All material information about Eagle may be found on its website
at www.EagleEnergy.com or under Eagle's issuer profile at
www.sedar.com.
SOURCE Eagle Energy Inc.