CALGARY,
AB, May 19, 2022 /CNW/ - PetroShale Inc.
("PetroShale" or the "Company") (TSXV: PSH) (OTCQB:
PSHIF) is pleased to announce that all matters put before
shareholders were approved at our annual and special meeting (the
"Meeting") of shareholders held on May 19, 2022.
Approvals included the change of name from "PetroShale Inc." to
"Lucero Energy Corp." (the "Name Change") and a
potential future consolidation of our issued and outstanding common
shares on the basis of one (1) post-consolidation common share for
up to fifteen (15) pre-consolidation common shares (the
"Consolidation"). In the event the Board of Directors
determines to proceed with the Consolidation, including determining
the actual consolidation ratio, further details will be announced.
Significant shareholder support for both the Name Change and
Consolidation was received with approximately 99.960% and 99.962%,
respectively, of the shares voted at the Meeting in favor of these
resolutions, with voting results on all other matters provided
below.
The Company will file all necessary documents with the Alberta
Corporate Registry to complete the Name Change. In connection with
the Name Change, the Company has reserved the stock trading symbol
"LOU". Trading under the new symbol on the TSX Venture Exchange is
expected to occur shortly and the Company intends to announce
further details in respect of the same in the coming days.
A new website, www.lucerocorp.com, is currently under
construction and in the interim the Company's existing website,
www.petroshaleinc.com, remains in place.
Voting Results from the Meeting:
1. The following six individuals were elected by
way of ballot as directors of PetroShale to hold office until the
next annual meeting of shareholders or until their successors are
duly elected or appointed. Results of the vote are as
follows:
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Name of
Nominee
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Votes For
(%)
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M. Bruce
Chernoff
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519,436,405
(98.576%)
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Brett Herman
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525,891,358
(99.801%)
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David Rain
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519,536,392
(98.595%)
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Gary Reaves
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519,641,958
(98.615%)
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Jacob Roorda
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525,861,995
(99.795%)
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Dale O.
Shwed
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526,726,502
(99.959%)
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2. KPMG LLP was re-appointed as auditors of the Company with
99.994% of shares voted in favour;
3. Shareholders re-approved the Company's stock
option plan with 99.892% of shares voted in favour;
4. Shareholders approved the Consolidation with
99.962% of shares voted in favour;
5. Shareholders approved certain amendments to
the Company's bonus award incentive plan with 99.895% of shares
voted in favour; and
6. Shareholders approved the Name Change with
99.960% of shares voted in favour.
About Lucero Energy Corp.
Lucero is an oil company engaged in the acquisition,
development, and production of high-quality oil-weighted assets in
the North Dakota Bakken / Three Forks. Lucero's strategic
priorities include successfully managing its cyclical business with
balance sheet strength, a focus on asset quality and robust capital
efficiencies, management of corporate decline profile for
sustainability and using funds flow to maintain or grow the asset
base with the ultimate goal being a return of capital to
shareholders.
SOURCE PetroShale Inc.