Butte Energy Inc. Announces Asset Disposal
(Thomson Reuters ONE) -
CALGARY, Alberta, July 03, 2017 (GLOBE NEWSWIRE) -- Butte Energy Inc. (the
"Corporation") (TSXV:BEN.H) announces it has entered into an agreement regarding
the sale of its Chigwell properties to RKSmith Energy Corp. for $35,000 (the
"Transaction"). The Transaction, if completed, will constitute the final
disposition of all the Corporation's remaining assets and no finders fees will
be paid in respect of the Transaction. The closing of the Transaction is
contingent upon customary closing conditions, including the Corporation
obtaining the applicable regulatory approvals and approval by the Corporation's
shareholders of for the sale of all or substantially all of the assets of the
Corporation.
The Corporation intends to proceed with the Transaction upon receipt of all
required regulatory and shareholder approvals. The Corporation intends to use
the proceeds from the Transaction for the settlement of obligations and after
the payment of its liabilities the Corporation anticipates that there will be no
residual for a distribution to shareholders. Upon receipt of the requisite
approvals the Corporation plans to cease its operations, delist its common
shares from the TSX Venture Exchange and wind itself up.
The Corporation is preparing a management information circular (the "Circular")
for provision to shareholders in respect of an annual and special meeting of
shareholders (the "Meeting") to seek approval for: (i) the Transaction; (ii) the
wind up and dissolution of the Corporation; and (iii) annual meeting matters,
including the election of the Board and the appointment of an auditor. It is
currently anticipated that the Meeting will be held on August 1, 2017.
Information Regarding the Corporation
The Corporation was previously engaged in the exploration for and development
and production of oil and natural gas reserves in Western Canada.
Cautionary Statements
This news release includes certain statements that may be deemed "forward-
looking statements" within the meaning of applicable Canadian securities
legislation. Specifically, this news release includes, but is not limited to,
forward-looking statements with respect to the Corporation completing the
Transaction, distributions to shareholders, the Corporation's winding up and the
timing of the Meeting. Generally, forward-looking statements can be identified
by the forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates", "projects",
"intends", "anticipates", or "does not anticipate", or "believes", or
"variations of such words and phrases or state that certain actions, events or
results "may", "can", "could", "would", "might", or "will" be taken", "occur" or
"be achieved". Forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that may cause the actual results, level
of activity, performance or achievements of the Corporation to be materially
different from those expressed or implied by such forward-looking statements,
including but not limited to: risks associated with general economic conditions,
adverse industry events, loss of markets, inability to require regulatory and
shareholder approvals, timing of the Meeting, the liabilities of the
Corporation, income tax and regulatory matters. Although the Corporation has
attempted to identify important factors that could cause results to differ
materially from those contained in forward-looking statements, there may be
other factors that cause results to be materially different from those
anticipated, described, estimated, assessed or intended. There can be no
assurance that any forward-looking statements will prove accurate, as actual
results and future events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on forward-
looking statements. The Corporation does not undertake to update any forward-
looking statements that are incorporated by reference herein, except in
accordance with applicable securities laws.
Neither the TSX Venture Exchange, Inc. nor its Regulation Service Provider (as
that term is defined under the policies of the TSX Venture Exchange) has neither
approved nor disapproved of the contents of this press release.
Not for distribution to U.S. Newswire Services or for dissemination in the
United States. Any failure to comply with this restriction may constitute a
violation of U.S. Securities laws.
For further information please contact:
Butte Energy Inc.
Victor Redekop, Chairman
(403) 541-5310
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Butte Energy Inc. via GlobeNewswire
Datum: 03.07.2017 - 05:38 Uhr
Sprache: Deutsch
News-ID 550808
Anzahl Zeichen: 5505
contact information:
Town:
Calgary
Kategorie:
Business News
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