Claren Energy Announces Results of Annual General and Special Meeting
TORONTO, Dec. 29, 2017 (GLOBE NEWSWIRE) -- Claren Energy Corp. (“Claren” or the “Company”) (TSX-V:CEN) announces the results from its annual and special meeting of shareholders, which was held on December 22, 2017. All matters put forth in the management information circular of the Company dated November 23, 2017 were passed. The circular is available for download under the Company’s profile on SEDAR.
Shareholders at the meeting elected Henry Aldorf, Nico Civelli, Robert McMorran, Mark Jarvis and Mark Lawson as directors of the Company for the ensuing year. Steven Harding and Lyle Davis did not stand for election as directors at the meeting. The Company thanks Steven Harding and Lyle Davis for their time as directors.
Further, shareholders at the meeting appointed Dale Matheson Carr-Hilton Labonte LLP, Chartered Professional Accountants as the Company’s external auditor, and approved and adopted the Company’s rolling stock option plan.
Shareholders of the Company also approved the Company’s plan of arrangement whereby the Company will spin out its subsidiary Terra Nova Resources Inc. (“Terra Nova”). Upon completion of the arrangement, Terra Nova will hold a 51.49% working interest in two onshore petroleum exploration licenses ("PELs"), being PEL 112 and PEL 444, including a 1.47% gross overriding royalty interest on the PELs, located on the western flank of the Cooper Eromanga Basin in the State of South Australia, Australia and will be an independently publicly listed company.
Under the arrangement, each shareholder of the Company will receive one (1) common share of Terra Nova for every ten (10) common shares of the Company held by such shareholder of the Company. Full details of the arrangement are set forth in the Company’s management information circular dated November 23, 2017.
The court hearing for the final order on the arrangement is expected to take place on or around January 12, 2018. The Company continues to expect the arrangement to close in the first quarter of 2018. The arrangement is subject to customary conditions and regulatory approvals.
About Claren Energy Corp.
Claren Energy Corp. is an oil and gas company that has a (40%) participating interest in the Bobocu License, onshore Romania, and has the right to acquire an additional forty percent (40%) participating interest in the license. Claren also has a 51.49% working interest in two onshore petroleum exploration licenses ("PELs"), being PEL 112 and PEL 444, including a 1.47% gross overriding royalty interest on the PELs, located on the western flank of the Cooper Eromanga Basin in the State of South Australia, Australia. Its common shares trade on the TSX Venture Exchange under the symbol "CEN".
This news release contains forward-looking information relating to Claren's intentions to conduct the drilling programs and other statements that are not historical facts. Such forward-looking information is subject to important risks and uncertainties that could cause actual results to differ materially from what is currently expected, for example: risks related to oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, competition from other producers, inability to retain drilling rigs and other services, reliance on key personnel, and insurance risks.. Findings by other oil and gas issuers does not necessarily indicate that Claren will be successful in making such findings in Australia and Romania. In making such forward- looking statements, Claren has relied upon certain assumptions relating to geological settings, commodity prices, the stability of markets and currencies and the availability of capital to Claren in order to continue with the seismic and drilling programs. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While Claren may elect to, Claren is under no obligation and does not undertake to update this information at any particular time, except as required by applicable securities law. 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.
Source: GlobeNewswire
(December 29, 2017 - 9:23 AM EST)
