Terrace Completes Issuance of Shares to President
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/15/13 -- Terrace Energy Corp. (TSX VENTURE: TZR)(OTCQX: TCRRF)(FRANKFURT: 2TR) (the "Company") announces, further to its news release dated July 4, 2013, that it received approval from the TSX Venture Exchange to and has completed the issuance of 80,000 common shares (the "Shares") of the Company in settlement of US$140,000 of a bonus payable to the Company's President, Dave Gibbs.
The Company relied upon applicable exemptions from the formal valuation and minority shareholder approval requirements in relation to this related party transaction pursuant to sections 5.5(b) and 5.7(1)(a), respectively, of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101") on the basis that the Company is not listed on a senior stock exchange and the value of and consideration for the Shares is less than C$2,500,000.
On the recommendation of the Company's Compensation Committee, the directors, excluding Mr. Gibbs, unanimously approved the issuance of the Shares to Mr. Gibbs. As required by the MI 61-101 exemption, the directors also determined that neither the Company nor, to the knowledge of the Company after reasonable inquiry, Mr. Gibbs, had knowledge of any material information concerning the Company or its securities that has not been generally disclosed.
The Shares are subject to a hold period in Canada expiring on November 16, 2013, in addition to such other restrictions as may be applicable under securities laws outside of Canada. The Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or under the securities laws of any state of the United States, and may not be offered or sold in the United States or to any U.S. person absent an exemption from such registration requirements. "United States" and "U.S. person" are as defined in Rule 902 of Regulation S under the U.S. Securities Act.
About Terrace Energy
Terrace Energy is an oil & gas development stage company that is focused on unconventional oil & gas extraction in onshore areas of the United States, particularly in South Texas.
ON BEHALF OF THE BOARD OF DIRECTORS
Dan Carriere, Chairman
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.
Contacts:
Canadian Address
Suite 270 - 666 Burrard St.
Vancouver, B.C., V6C 2X8
604-628-4552
604-687-0885 (FAX)
US Address
Suite 407 - 202 Travis St.
Houston, Texas, 77002
713-227-0010
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Unternehmensinformation / Kurzprofil:
Datum: 15.07.2013 - 23:06 Uhr
Sprache: Deutsch
News-ID 278538
Anzahl Zeichen: 0
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Oil & Gas
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