Debt Settlement Updates
May 08 2014 - 7:24PM
Access Wire
Nanton, AB / ACCESSWIRE / May 8 2014 /
Petrostar Petroleum Corporation ("Petrostar" or "the
Company") wishes to announce that, further to its news
release dated January 15, 2014, the Company has entered into a
series of debt settlement agreements dated May 5, 2014 in order to
settle an additional $216,271.21 in outstanding debt through the
issuance of 2,347,457 Petrostar common shares at deemed prices of
$0.09 and $0.135 per share (the "New Debt Settlement"). Together
with the proposed debt settlement disclosed in the January 15 news
release (the "Original Debt Settlement"), the New Debt Settlement
is expected to result in the Company issuing an aggregate of
7,709,988 common shares at deemed prices ranging from $0.09 to
$0.135 per share to settle $698,898.92 in debt. These numbers do
not include the settlement of $15,000 in outstanding debt that was
included in the Original Debt Settlement amount.
The Company elected to
complete the New 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 New 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 New Debt Settlement remains
subject to the receipt of all necessary regulatory approvals,
including the approval of the TSX Venture Exchange.
Petrostar also wishes to
announce that although the Original Debt Settlement has not yet
been approved by the TSX Venture Exchange, the Company expects to
seek shareholder approval for a portion of it at the Company's
upcoming annual general meeting and resubmit the balance for TSX
Venture Exchange approval along with the New Debt
Settlement.
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.
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