Home anti consumer Alvopetro announces the completion of the consolidation and demerger of shares

Alvopetro announces the completion of the consolidation and demerger of shares

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CALGARY, AB, September 7, 2021 / CNW / – Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF), (“Alvopetro”, or the “Company”) announces that by virtue of a special resolution adopted by the shareholders on August 12, 2021, a final order from Alberta Court of Queen’s Bench and conditional approval from the TSX Venture Exchange (the “TSXV”), we reached our previously announced agreement, which involved a consolidation of 2,100 to 1 share followed immediately by a split of 1. to 700 shares (the “share restructuring”). Shareholders who held less than 2,100 common shares at the close of business on September 3, 2021 are entitled to receive a cash payment in exchange for their common stock equal to CA $ 1.12 per Common Share (the “Cash Proceeds”). The cash proceeds are based on the volume weighted average price of the Common Shares on the TSXV over the 5 consecutive trading days ending and including September 3, 2021.

Common shares are expected to begin trading on a post-consolidation and split-off basis on the TSX Venture Exchange and OTCQX upon opening of trading today, September 7, 2021, under a new CUSIP number (02255Q209) and the same trade symbol. Alvopetro’s closing price on the TSX Venture Exchange on Friday, September 3, 2021 was CA $ 1.15 per share, which is equivalent to CA $ 3.45 by post-consolidation and post-split action.

Cover letters were mailed to shareholders of record on July 21, 2021 provide instructions to deliver their Common Shares to Alvopetro’s transfer agent, the TSX Trust Company (“TSX Trust”) for: (a) in the case of holders of 2,100 or more Common Shares at September 3, 2021, replacement certificates or DRS notices equivalent to the number of post-consolidation and spin-off ordinary shares to which the holder is entitled; and (b) in the case of holders of less than 2,100 ordinary shares at September 3, 2021, the proceeds in cash. Registered shareholders are requested to submit their share certificates or DRS notices, as applicable, along with their completed Letter of Transmittal to TSX Trust. Registered shareholders holding less than 2,100 common shares must complete the yellow transmittal letter. Registered shareholders holding 2,100 or more common shares should complete the blue transmittal letter. Copies of letters of transmittal are available on Alvopetro’s SEDAR profile at www.sedar.com and on the Company’s website at https://alvopetro.com/Shareholder-Documents. Any questions regarding letters of transmittal can be directed to TSX Trust Company at 1-866-600-5869 (North America) or 416-342-1091 (local / international), or [email protected]

Non-registered beneficial owners holding their ordinary shares through a bank, broker or other intermediary should note that such banks, brokers or other nominees may have specific procedures for handling the transaction. restructuring of shares which may differ from those described above for registered shareholders. Non-registered beneficial owners who have questions in this regard are encouraged to contact their intermediary for more information.

The exercise or conversion price and the number of common shares issuable under any stock-based compensation plan of the Company have been adjusted proportionately.

Social Media

Follow Alvopetro on our social networks at the following links:

Twitter – https://twitter.com/AlvopetroEnergy
Instagram – https://www.instagram.com/alvopetro/
LinkedIn – https://www.linkedin.com/company/alvopetro-energy-ltd
Youtube: https://www.youtube.com/channel/UCgDn_igrQgdlj-maR6fWB0w

Alvopetro Energy Ltd. vision is to become a leading independent upstream and intermediary operator in Brazil. Our strategy is to unlock the on-shore natural gas potential in the state of Bahia by Brazil, by relying on the development of our Caburé natural gas field and our intermediate strategic infrastructure.

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 and cautionary language. This press release contains “forward-looking information” within the meaning of applicable securities laws. The use of any of the words “will”, “expect”, “intention” and other similar words or phrases are intended to identify forward-looking information. Forward-looking statements involve significant risks and uncertainties, should not be interpreted as guarantees of future performance or results, and will not necessarily constitute precise indications as to whether or not such results will be obtained. A number of factors could cause actual results to differ materially from the expectations discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events. Therefore, when relying on forward-looking statements in making decisions, Alvopetro cautions readers not to place undue reliance on such statements, as forward-looking statements involve significant risks and uncertainties. The forward-looking statements contained in this press release include statements regarding the date on which Alvopetro expects the common shares to begin trading on a post-consolidation and spin-off basis. Additional information on factors that could affect Alvopetro’s operations or financial results is included in our Annual Information Form which can be viewed on Alvopetro’s SEDAR profile at www.sedar.com. The forward-looking information contained in this press release is made as of the date hereof and Alvopetro assumes no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

SOURCE Alvopetro Energy Ltd.

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