VANCOUVER, BC, Sept. 16, 2020 /CNW/ - CruzSur Energy Corp. (the
"Company" or "CruzSur") (TSXV: CZR) is pleased to
announce that $2,908,000 principal
amount of the outstanding convertible debentures of the Company has
been recently converted resulting in the issuance of 19,386,659
common shares and 19,386,659 share purchase warrants.
Concurrently, 1,633,333 of such warrants were exercised. The
remaining debentures in the principal amount of $442,000 and the exercise of the 20,700,000
underlying warrants is expected to be completed by the end of
September. In aggregate, the Company anticipates to generate
$3.35M upon full conversion of the
debentures and exercise of the warrants. The Company currently has
62,425,885 issued and outstanding common shares
The Company was informed that Mr. Frank
Giustra and his related entity acquired ownership of
7,233,333 units of the Company as a result of converting
convertible debentures of the Company in the aggregate amount of
$1,085,000. Prior to the
acquisition of securities, Mr. Giustra owned, directly or
indirectly, and/or controlled an aggregate of 5,035,772 common
shares, representing 11.60% of the outstanding shares, and would
have owned 21,992,981 common shares assuming the full conversion of
the debentures and exercise of convertible securities, representing
36.42% of the outstanding shares on a partially diluted
basis.
Mr. Giustra directly and indirectly now owns and/or controls in
aggregate 12,269,105 common shares representing 19.34% of the
issued and outstanding common shares of the Company and would own
21,992,981 common shares, representing 30.07% of the issued and
outstanding common shares of the Issuer on a partially diluted
basis assuming the exercise of options, pre-existing warrants and
underlying warrants acquired upon conversion of the debenture.
The Company is advised that Mr. Giustra acquired these
securities for investment purposes and has no present intention to
acquire further securities of the Company, although it may in the
future acquire or dispose of securities of the Company, through the
market, privately or otherwise, as circumstances or market
conditions warrant.
The Company further announces that Mr. Serafino Iacono and his related entity acquired
ownership of 4,219,999 units of the Company as a result of
converting Convertible Debentures of the Company in the amount of
$633,000. Prior to the
acquisition of securities, Mr. Iacono owned, directly or
indirectly, and/or controlled an aggregate of 2,612,908 common
shares, representing 6.02% of the outstanding shares, and would
have owned 11,872,491common shares assuming the full conversion of
the debenture and exercise of convertible securities, representing
22.60% of the outstanding shares on a partially diluted
basis. Mr. Iacono directly and indirectly now owns and/or
controls in aggregate 6,832,908 common shares representing 10.77%
of the issued and outstanding common shares of the Company and
would own 11,872,491common shares, representing 17.34% of the
issued and outstanding common shares of the Issuer on a partially
diluted basis assuming the exercise of options, pre-existing
warrants and underlying warrants acquired upon conversion of the
debenture.
The Company is advised that Mr. Iacono acquired these securities
for investment purposes and has no present intention to acquire
further securities of the Company, although it may in the future
acquire or dispose of securities of the Company, through the
market, privately or otherwise, as circumstances or market
conditions warrant
About CruzSur Energy Corp.
CruzSur Energy Corp. is a
publicly traded E&P company on a mission to provide a clean and
sustainable solution to Colombia's
energy needs. The Company intends on executing this mission by
respectfully producing gas from its concessions, SN-9, a 311,353
acres block which is adjacent to Canacol's Nelson field, as well
Maria Conchita, a 32,518 acre
block located in the region of La Guajira. CruzSur's team has
an amplitude of technical expertise and proven track record
building companies and creating value.
Forward-Looking Information
Except for the statements of historical fact, this news
release contains "forward-looking information" within the meaning
of the applicable Canadian securities legislation that is based on
expectations, estimates and projections as at the date of this news
release. The information in this news release about the
completion of the operations described herein, and other
forward-looking information includes but is not limited to
information concerning the intentions, plans and future actions of
the parties to the transactions described herein and the terms of
such transaction.
Factors that could cause actual results to differ materially
from those described in such forward-looking information include,
but are not limited to, risks related to the Company's inability to
perform the proposed operations.
The forward-looking information in this news release reflects
the current expectations, assumptions and/or beliefs of the Company
based on information currently available to the Company. In
connection with the forward-looking information contained in this
news release, the Company has made assumptions about the Company's
ability to complete the planned operations and activities. The
Company has also assumed that no significant events will occur
outside of the Company's normal course of business. Although the
Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information
due to the inherent uncertainty therein.
Any forward-looking information speaks only as of the date on
which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to
update any forward-looking information, whether as a result of new
information, future events or results or otherwise.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE CruzSur Energy Corp.