CALGARY, AB, Nov. 8, 2021 /CNW/ - Tenaz Energy Corp.
("Tenaz" and the "Company") (TSXV: TNZ) is pleased to
announce that it has set November 15,
2021 as the date of record (the "Record Date") for its
previously announced rights ("Rights") offering (the
"Rights Offering").
Each shareholder of common shares of the Company ("Common
Shares") on the Record Date will receive one (1) Right for each
Common Share held by such shareholder. Each eight (8) Rights will
entitle the holder to subscribe for one Common Share upon payment
of a subscription price of $0.18 per
Common Share. The Rights Offering will be made in all the provinces
and territories of Canada (the
"Eligible Jurisdictions") and in such other jurisdictions
where Tenaz is eligible to make such offering.
Subject to the receipt of final approval from the TSX Venture
Exchange ("TSXV"), the Common Shares are expected to
commence trading on the TSXV on an ex-rights basis at the opening
of business on November 12, 2021.
This means that Common Shares purchased on or following
November 12, 2021 will not be
entitled to receive Rights under the Rights Offering. At that time,
the Rights are expected to be posted for trading on a "when issued"
basis on the TSXV under the symbol "TNZ.RT". The Rights Offering
will expire at 4:00 p.m.
(Calgary time) on December 13, 2021 (the "Expiry Time"),
after which time unexercised Rights will be void and of no
value.
Details of the Rights Offering will be set out in the rights
offering notice (the "Notice") and the rights offering
circular (the "Circular"), which will be available under the
Company's profile at www.sedar.com and at www.tenazenergy.com.
The Notice and accompanying Direct Registration System (DRS)
statement (a "Rights Certificate") will be mailed to each
registered shareholder of the Company as at the Record Date that is
a resident in the Eligible Jurisdictions. Registered shareholders
who wish to exercise their Rights must forward the completed Rights
Certificate, together with the applicable funds, to the rights
agent, Odyssey Trust Company, on or before the Expiry Time.
Shareholders resident in the Eligible Jurisdictions who own their
Common Shares through an intermediary, such as a bank, trust
company, securities dealer or broker, will receive materials and
instructions from their intermediary. Rights Certificates will not
be issued and forwarded to registered holders of Common Shares who
are not resident in the Eligible Jurisdictions. Beneficial
shareholders of the Company not resident in an Eligible
Jurisdiction may also be restricted from participating in the
Rights Offering. Shareholders who reside outside of the Eligible
Jurisdictions should review the Circular for information respecting
their Rights.
Pursuant to the Rights Offering, a total of 13,626,371 Common
Shares are capable of being issued. Subscribers under the
Company's recently completed subscription receipt and unit private
placements have agreed not to participate in the Rights Offering in
respect of the securities subscribed for thereunder and have
undertaken not to exercise, sell, trade or otherwise convey any
interest in this Rights Offering. If all the Rights issued are
validly exercised, the Rights Offering will raise gross proceeds of
approximately $2.45 million, the net
proceeds of which will be used for general corporate purposes,
capital expenditures and acquisition of global oil and gas assets.
Please see the Circular for additional information.
The completion of the Rights Offering is not subject to Tenaz
receiving any minimum amount of subscriptions. The Rights Offering
is subject to regulatory approval, including the approval of the
TSXV. The Company has obtained conditional approval from the
TSXV.
Holders of Rights will not be entitled under the terms of the
Rights Offering to subscribe for additional Common Shares which are
not subscribed for by other holders of Rights. In addition, there
is no standby commitment which would otherwise allow a shareholder
or third party to purchase the underlying Common Shares not
otherwise subscribed for under the terms of the Rights
Offering.
About Tenaz Energy Corp.
Tenaz is an energy company focused on the acquisition and
sustainable development of international oil and gas assets capable
of returning free cash flow to shareholders. In addition, Tenaz
conducts development of a semi-conventional oil project in the Rex
member of the Upper Mannville group at Leduc-Woodbend in central
Alberta.
READER ADVISORIES
Forward– looking
Information and Statements
This press release contains certain forward-looking information
and statements within the meaning of applicable securities laws.
The use of any of the words "expect", "anticipate", "budget",
"forecast", "continue", "estimate", "objective", "ongoing", "may",
"will", "project", "should", "believe", "plans", "intends",
"strategy" and similar expressions are intended to identify
forward-looking information or statements. In particular, but
without limiting the foregoing, this press release contains
forward-looking information and statements pertaining to: the
completion of the Rights Offering and receipt of all regulatory
approvals in connection therewith; the maximum gross proceeds to be
available upon completion of the Rights Offering; the use of the
net proceeds from the Rights Offering; and the Company's business
strategy.
The forward-looking information and statements contained in this
press release reflect several material factors and expectations and
assumptions of the Company including, without limitation: the
timing and receipt of TSXV approval, the continued performance of
the Company's oil and gas properties in a manner consistent with
its past experiences; that the Company will continue to conduct its
operations in a manner consistent with past operations; the general
continuance of current industry conditions; the continuance of
existing (and in certain circumstances, the implementation of
proposed) tax, royalty and regulatory regimes; the accuracy of the
estimates of the Company's reserves and resource volumes; certain
commodity price and other cost assumptions; the continued
availability of oilfield services; and the continued availability
of adequate debt and equity financing and cash flow from operations
to fund its planned expenditures. The Company believes the material
factors, expectations and assumptions reflected in the
forward-looking information and statements are reasonable, but no
assurance can be given that these factors, expectations, and
assumptions will prove to be correct.
The forward-looking information and statements included in this
press release are not guarantees of future performance and should
not be unduly relied upon. Such information and statements involve
known and unknown risks, uncertainties and other factors that may
cause actual results or events to differ materially from those
anticipated in such forward-looking information or statements
including, without limitation: changes in commodity prices; changes
in the demand for or supply of the Company's products;
unanticipated operating results or production declines; changes in
tax or environmental laws, royalty rates or other regulatory
matters; changes in development plans of the Company or by third
party operators of the Company's properties, increased debt levels
or debt service requirements; inaccurate estimation of the
Company's oil and gas reserve and resource volumes; limited,
unfavorable or a lack of access to capital markets; increased
costs; a lack of adequate insurance coverage; the impact of
competitors; and certain other risks detailed from time to time in
the Company's public documents.
The forward-looking information and statements contained in this
press release speak only as of the date of this press release, and
the Company does not assume any obligation to publicly update or
revise them to reflect new events or circumstances, except as may
be required pursuant to applicable laws.
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.
SOURCE Tenaz Energy Corp.