Petrostar Executes Definitive Agreement for Lomac Aquisition, Submits CBV
June 04 2014 - 10:25AM
Access Wire
Nanton, AB / ACCESSWIRE / June 4 2014 /
Petrostar Petroleum Corporation ("Petrostar" or "the
Company") is pleased to announce the execution of a Definitive
Agreement for the Acquisition of 100% of the shares of Lomac Canada
Ltd. as previously announced as a Letter of Intent on April
30th, 2014. The acquisition will provide
Petrostar with a multi year lease on a tank farm/tank terminal
facility which includes an ASTM quality control testing laboratory
and offices located in the M.D.of Foothills,Alberta.
In consideration of the acquisition
Petrostar will issue 5,000,000 class A voting shares and one
Canadian dollar to the shareholders of Lomac Canada.
Conditions to close the deal
which is expected within the next 60 days requires the approval by
Petrostar shareholders at the upcoming AGM on June
25th 2014, the approval of the TSXV which
includes as requested a CBV (Chartered Business Evaluation). The
CBV has been submitted to the TSXV for review on May
26th,2014
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.
SOURCE: Petrostar Petroleum Corporation
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