Crown Point Announces Details of Return of Capital
November 21 2019 - 1:48PM
Crown Point Energy Inc. (“
Crown Point” or the
“
Company”) announces that further to the Company's
news releases dated September 17, 2019 and November 15, 2019
announcing a return of capital to the Company's shareholders of
US$0.185 per share (the "
Return of Capital"), the
Return of Capital will be distributed to shareholders pursuant to
the TSX Venture Exchange's due bill trading policy. Pursuant
to such policy:
- The record date (the "Record Date") to
determine shareholders of Crown Point entitled to the Return of
Capital is December 2, 2019.
- The due bill trading period will commence on November 29, 2019
(one trading day prior to the Record Date, so that trades settling
after the Record Date have due bills attached) and conclude at the
close of the Distribution Payment Date (as defined
below);
- The payment or distribution date (the "Distribution
Payment Date") will be December 9, 2019;
- The ex-distribution date will be December 10, 2019 (the next
trading day following the Distribution Payment Date, so that trades
on and after that date will not have due bills attached);
and
- The due bill redemption date will be December 11, 2019 (the
trading day following the ex-distribution date, when all trades
with due bills attached have settled).
For clarification, "due bills" will represent
the Return of Capital that Crown Point's shareholders will be
entitled to receive. The due bills will be deemed to be attached to
Crown Point's common shares ("Shares") one trading
day prior to the Record Date, and will continue to be attached to
Crown Point's Shares until the end of the Distribution Payment
Date. Accordingly, Crown Point's Shares will trade on a "due bill"
basis from November 29, 2019 until close of trading on December 9,
2019 (the "Due Bill Period"). This means that
persons who sell their Shares during the Due Bill Period shall also
sell their entitlement to the Return of Capital to the purchasers
of such Shares. Crown Point's Shares will commence trading on an
ex-distribution basis (i.e. without an attached "due bill"
entitlement to the distribution) from the opening of trading on
December 10, 2019 (i.e. the next trading day after the Distribution
Payment Date). The due bills will be redeemed on December 11, 2019
once all trades with attached due bills entered during the Due Bill
Period have settled.
For further information regarding the Return of
Capital, including a summary of certain Canadian federal income tax
considerations, see the Company's management information circular
dated September 30, 2019.
About Crown PointCrown Point
Energy Inc. is an international oil and gas exploration and
development company headquartered in Calgary, Canada, incorporated
in Canada, trading on the TSX Venture Exchange and operating in
South America. Crown Point’s exploration and development activities
are focused in two of the largest producing basins in Argentina,
the Austral basin in the province of Tierra del Fuego and the
Neuquén basin in the province of Mendoza. Crown Point has a
strategy that focuses on establishing a portfolio of producing
properties, plus production enhancement and exploration
opportunities to provide a basis for future growth.
Forward-looking Information: This document
contains forward-looking information. This information
relates to future events and the Company’s future
performance. All information and statements contained herein
that are not clearly historical in nature constitute
forward-looking information. Such information represents the
Company’s internal projections, estimates, expectations, beliefs,
plans, objectives, assumptions, intentions or statements about
future events or performance. This information involves known
or unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those
anticipated in such forward-looking information. Crown Point
believes that the expectations reflected in this forward-looking
information are reasonable; however, undue reliance should not be
placed on this forward-looking information, as there can be no
assurance that the plans, intentions or expectations upon which
they are based will occur. This press release contains
forward-looking information concerning, among other things, the
following: all details regarding the Company's proposed Return of
Capital to shareholders, including the amount of the Return of
Capital and the timing thereof; and, under "About Crown Point", all
elements of the Company’s business strategy. The reader is
cautioned that such information, although considered reasonable by
the Company, may prove to be incorrect. Actual results achieved
during the forecast period will vary from the information provided
in this document as a result of numerous known and unknown risks
and uncertainties and other factors. A number of risks and other
factors could cause actual results to differ materially from those
expressed in the forward-looking information contained in this
document including, but not limited to, the possibility that the
Company is unable to proceed with the Return of Capital for reasons
that it cannot currently anticipate. With respect to
forward-looking information contained in this document, the Company
has made assumptions regarding various matters, including the
continued availability of sufficient cash on hand to fund the
Return of Capital. Management of the Company has included the above
summary of assumptions and risks related to forward-looking
information included in this document in order to provide investors
with a more complete perspective on the Company’s future
operations. Readers are cautioned that this information may
not be appropriate for other purposes. Readers are cautioned that
the foregoing lists of factors are not exhaustive. The
forward-looking information contained in this document are
expressly qualified by this cautionary statement. The
forward-looking information contained herein is made as of the date
of this document and the Company disclaims any intent or obligation
to update publicly any such forward-looking information, whether as
a result of new information, future events or results or otherwise,
other than as required by applicable Canadian securities laws.
Neither 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 news release.
For inquiries please contact:
Brian Moss
President & CEO
Ph: (403) 232-1150
Crown Point Energy Inc.
bmoss@crownpointenergy.com
Marisa Tormakh
Vice-President, Finance & CFO
Ph: (403) 232-1150
Crown Point Energy Inc.
mtormakh@crownpointenergy.com
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