Petrostar Announces Completion of Debt Settlements and Rescheduling of Rezoning Meeting with Vulcan County
January 15 2014 - 1:55PM
Access Wire
Petrostar
Petroleum Corporation ("Petrostar" or "the
Company") wishes to announce that, pursuant to a series of debt settlement
agreements dated January 8, 2014, it proposes to issue 5,529,196
common shares at a deemed price of $0.09 per share to settle an
aggregate of $497,627.71 in outstanding debt (the "Debt
Settlement"). Approximately 21% of the common shares to be issued
in connection with the Debt Settlement will be issued to insiders
of the Company.
The Company elected
to complete the Debt Settlement in light of its current working
capital position and in order to preserve cash to fund the
development of its ongoing projects. Any shares issued in
connection with the Debt Settlement will be issued in reliance on
certain prospectus and registration exemptions under applicable
securities legislation and will be subject to a hold period of four
months and a day. The completion of the Debt Settlement remains subject to the receipt
of all necessary regulatory approvals, including the approval of
the TSX Venture Exchange.
The Company also
wishes to announce that the first reading of its revised Tank Farm
development rezoning proposal before the municipal county of Vulcan
County, Alberta has been rescheduled from January 15, 2104 to
February 2, 2014. As disclosed in a news release dated December 5,
2013, Mackenzie Loree, the Company's CEO, hosted a public open
house on December 2, 2013 to introduce area
residents of Vulcan County to both Petrostar and the proposed
development.
About
Petrostar Petroleum Corp.
Petrostar
is a Tier 2 Canadian-based oil and gas exploration company trading
on the TSX Venture Exchange with property assets in both Alberta
and Saskatchewan.
For further information,
please contact:
Bruce Scafe, IR and
Communications Officer
1-877-737-8864 or
bscafe@petrostarpetroleum.com
Alternate Contact:
Mackenzie Loree,
CEO
1-403-861-6779 or
mloree@petrostarpetroleum.com
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..
FORWARD
LOOKING INFORMATION
Certain
information in this news release is forward-looking within the
meaning of certain securities laws, and is subject to important
risks, uncertainties and assumptions. This forward-looking
information includes, among other things, information with respect
to the Company's beliefs, plans, expectations, anticipations,
estimates and intentions. The words "may", "could", "should",
"would", "suspect", "outlook", "believe", "anticipate", "estimate",
"expect", "intend", "plan", "target" and similar words and
expressions are used to identify forward-looking information. The
forward-looking information in this news release describes the
Company's expectations as of the date of this news release. The
results or events anticipated or predicted in such forward-looking
information may differ materially from actual results or events.
Material factors which could cause actual results or events to
differ materially from a conclusion, forecast or projection in such
forward-looking information include, among others, risks arising
from general economic conditions and adverse industry
events.
When
relying on forward-looking information to make decisions, investors
and others should carefully consider the foregoing factors and
other uncertainties and potential events. The Company has assumed
that the material factors referred to in the previous paragraph
will not cause such forward-looking information to differ
materially from actual results or events. However, the list of
these factors is not exhaustive and is subject to change and there
can be no assurance that such assumptions will reflect the actual
outcome of such items or factors.
THE
FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE
REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS
NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH
DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING
INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY
OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE
TO UPDATE THIS INFORMATION ON AT ANY PARTICULAR
TIME.
This news release does not
constitute an offer to sell or a solicitation of an offer to buy
any of the securities in the United States. The securities being
offered have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities
Act"), or any state securities laws, and may not be offered or sold
within the United States or to, or for the account or benefit of,
U.S. persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
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