Petrostar Dissolves Farrow Distillation and Cancels Land Lease Agreement
April 23 2014 - 9:44AM
Access Wire
CANADA / ACCESSWIRE / Apr 23, 2014 / Petrostar Petroleum
Corporation ("Petrostar" or "the Company") announces that the
company will dissolve it's 100% owned subsidiary Farrow
Distillation Corp. Following the Vulcan County decision on April
16th 2014 to postpone the rezoning of the Farrow site the company
management has decided not to proceed with the Farrow site and no
longer needs the subsidiary company to conduct the proposed
business venture.
In addition to the cancellation of the proposed developments
located at Farrow Alberta the company has cancelled the previously
announced land lease agreements between TexAlta Industries and
Farrow Distillation with the surface land owner. No shares or
financial compensation will be issued or paid from the company in
regards to previously disclosed arrangements.
Although disappointed that plans for the Farrow site have ceased
the company management is actively looking for alternative
locations and will advise its shareholders when a suitable location
is secured.
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
Box # 1284 Nanton, Alberta - T0L 1R0 Tel. 403-861-6779
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 and includes that: (a) the Company will raise up to
$500,000, (b) the private placement will be on a non-brokered
basis, (c) the private placement will be of units at a price of
$0.15 per unit, each unit consisting of one common
share and one common share purchase warrant, (d) each warrant
will entitle the holder to purchase one common share of the Company
for a term of one year after the date of issuance, exercisable at a
price of $0.25 per share. 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. The Company cautions that the foregoing
list of material factors is not exhaustive. 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.
SOURCE: Petrostar Petroleum Corporation
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