Vancouver, British Columbia--(Newsfile Corp. - June 6, 2017) - DXI Energy Inc. (TSX: DXI) (OTCQB: DXIEF) ("DXI" or the "Company"), an upstream oil and gas exploration and production company operating in Colorado's Piceance Basin and the Peace River Arch region in British Columbia, today announced the results of its Annual General and Special Meeting of Shareholders held on June 2, 2017 at the Company's Vancouver office.
The following sets forth a brief description of each matter which was voted upon at the Meeting and the outcome of the vote:
|
Description of Matter | Outcome
of Vote | Votes
For | Votes
Against | Votes
Withheld |
1.
| Fix the number of directors to be elected at the Meeting at five (5). | Passed
| 97.17%
| 2.83%
| 0.00%
|
2.
| To elect the following five (5) nominees to serve as directors of DXI for the ensuing year, or until their successors are duly elected or appointed, subject to the provisions of the Business Corporations Act (B.C.) and by-laws of DXI:
|
|
|
|
|
| Robert Hodgkinson | Passed | 96.64% | 0.00% | 3.36% |
| Craig Sturrock | Passed | 97.03% | 0.00% | 2.97% |
| Ronnie Bozzer | Passed | 97.26% | 0.00% | 2.74% |
| A. Ross Gorrell | Passed | 97.25% | 0.00% | 2.75% |
| James Dai | Passed | 97.38% | 0.00% | 2.62% |
3.
| To approve the re-appointment of BDO Canada LLP, Chartered Professional Accountants, as auditors of DXI to hold office until the next annual meeting or until their successors are appointed and to authorize the Board of Directors to fix their remuneration as such. | Passed
| 99.04%
| 0.00%
| 0.96%
|
4.
| To approve a non-brokered private placement of up to 58,333,333 common shares at Cdn$0.06 per share to repay outstanding loans to insiders and non-insiders, for payment of deferred salaries to insiders and non-insiders, for payment of historical trade payables and for general working capital. | Passed | 92.80% | 7.20% | 0.00% |
5.
| To approve a restructuring of current debt of the Corporation by way of an amendment and restatement, which involves insider’s participation. | Passed
| 94.43%
| 5.57%
| 0.00%
|
"I am very pleased the shareholders have supported the board's proposals. We have been given the flexibility to prudently address the strong disconnect between the value of our energy portfolio (and other intangible assets) and DXI's market capitalization. This affirmative vote will allow the management team to immediately put into motion initiatives that will add real incremental value to any transaction chosen by the Company to benefit and protect all stakeholders," states Robert L. Hodgkinson, Chairman & CEO.
About DXI Energy Inc.: DXI Energy Inc. is an upstream oil and natural gas exploration and production company operating projects in Colorado's Piceance Basin (25,684 net acres) and the Peace River Arch region in British Columbia (14,444 net acres). DXI Energy Inc. maintains offices in Calgary and Vancouver, Canada. The Company is currently publicly traded on the OTCQB (DXIEF) and Toronto Stock Exchange (TSX: DXI).
Statements Regarding Forward-Looking Information: This news release contains statements about oil and gas production and operating activities that may constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation as they involve the implied assessment that the resources described can be profitably produced in the future, based on certain estimates and assumptions. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those anticipated by DXI Energy and described in the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, adverse general economic conditions, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geologic data, competition, reduced availability of drilling and other well services, fluctuations in oil and gas prices and prices for drilling and other well services, government regulation and foreign political risks, fluctuations in the exchange rate between Canadian and US dollars and other currencies, as well as other risks commonly associated with the exploration and development of oil and gas properties. Additional information on these and other factors, which could affect DXI Energy Inc.'s operations or financial results, are included in DXI Energy Inc.'s reports on file with Canadian and United States securities regulatory authorities. We assume no obligation to update forward-looking statements should circumstances or management's estimates or opinions change unless otherwise required under securities law.
The TSX does not accept responsibility for the adequacy or accuracy of this news release.
Follow DXI Energy's latest developments on: Facebook http://facebook.com/dxienergy and Twitter @dxienergy.
Contact:
DXI Energy Inc.
Robert L. Hodgkinson
Chairman & CEO
604-638-5055
investor@dxienergy.com
Craig Allison
Investor Relations - New York
914-882-0960
callison@dxienergy.com
copyright (c) newsfile corp. 2017
Source: Newsfile Corp.
(June 6, 2017 - 2:30 PM EDT)
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