VANCOUVER, Feb. 23, 2016
/CNW/ - Petromin Resources Ltd. ("Petromin" or the
"Company") advises that the British Columbia Supreme Court (the
"Court") has denied applications (the "Applications") by dissident
shareholders Ivano DeCotiis and
Tyrone Daum (the "Dissidents"), made
in connection with the legal actions commenced by them (the "Legal
Actions"), as initially disclosed in the Company's news releases
dated December 23, 2015 and
January 11, 2016. In the
Applications, the Dissidents asked the Court to impose an
injunction preventing a private British
Columbia company in which the Company is a 17.29%
shareholder, from disbursing any funds that it may receive in the
future in connection with international arbitration proceedings in
which it is involved. In the course of the Applications, the
Dissidents also made further unsubstantiated allegations of fraud
against the Company's current and former directors.
Mr. Justice Ehrcke of the Court,
in oral reasons of judgement, dismissed outright the Applications
made by the Dissidents, and ordered costs against the Dissidents,
payable forthwith. Mr. Justice
Ehrcke also cautioned the Dissidents that if they continued
to make highly controversial allegations against current and former
directors of the Company without substantiation, they would suffer
further costs awards on an increased or special scale. The
denial of the Applications is not a final resolution of the Legal
Actions.
About Petromin
Petromin Resources Ltd. (TSXV: PTR) is an oil and natural gas
exploration and production company listed as a Tier 1 issuer on the
TSX Venture Exchange. The Company is currently focused on its core
operations, which include four oil and natural gas producing
properties in central Alberta,
Canada along the Western Canada Sedimentary Basin.
ON BEHALF OF THE BOARD OF DIRECTORS
PETROMIN
RESOURCES LTD.
A. Ross Gorrell,
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its
Regulation Services Provider
(as that term is defined in
the policies of the TSX Venture Exchange)
accepts
responsibility for the adequacy or accuracy of this
release.
FORWARD LOOKING STATEMENTS
This press release contains forward looking statements within
the meaning of applicable securities laws. The use of any of
the words "anticipate", "plan", "continue", "expect", "estimate",
"objective", "may", "will", "project", "should", "predict",
"potential" and similar expressions are intended to identify
forward looking statements. In particular, this press release
contains forward looking statements concerning the anticipated
results of the Legal Actions. Although the Company
believes that the expectations and assumptions on which the forward
looking statements are based are reasonable, undue reliance should
not be placed on the forward looking statements because the Company
cannot give any assurance that they will prove correct. Since
forward looking statements address future events and conditions,
they involve inherent assumptions, risks and uncertainties.
Actual results could differ materially from those currently
anticipated due to a number of assumptions, factors and
risks. These assumptions and risks include, but are not
limited to, assumptions and risks associated with any litigation
proceedings or settlements, or costs incurred in connection
therewith.
Management has provided the above summary of risks and
assumptions related to forward looking statements in this press
release in order to provide readers with a more comprehensive
perspective on the Company's future operations. The Company's
actual results, performance or achievement could differ materially
from those expressed in, or implied by, these forward looking
statements and, accordingly, no assurance can be given that any of
the events anticipated by the forward looking statements will
transpire or occur, or if any of them do so, what benefits the
Company will derive from them. These forward looking
statements are made as of the date of this press release, and,
other than as required by applicable securities laws, the Company
disclaims any intent or obligation to update publicly any forward
looking statements, whether as a result of new information, future
events or results or otherwise.
SOURCE Petromin Resources Ltd.