Approved Reverse Split Of Shares PRESS RELEASE FROM CNW GROUP
Material Fact - Rectifying Of Proposed Reverse Split Of Shares And GDS To Be Approved In A Shareholders Meeting
Friday, April 08, 2016
Material Fact - Rectifying of Proposed Reverse Split of Shares and GDS to be Approved in a Shareholders Meeting
20:11 EDT Friday, April 08, 2016
RIO DE JANEIRO, April 8, 2016 /CNW/ - Petro Rio S.A. ("PetroRio" or the "Company") (BM&FBOVESPA: PRIO3, TSX-V: PRJ) hereby announces that, in compliance with regulatory requirements of TSX Venture Exchange, the Canadian stock exchange in which are traded Global Depositary Shares ("GDSs") backed by PetroRio's shares, the Board of Directors of the Company approved, in a meeting today, to rectify the reverse split of common shares and GDSs issued by the Company, without capital reduction, so that this shall be made at the rate of 15 (fifteen) GDSs and 15 (fifteen) common shares for 1 (one) GDS and 1 (one) common share, respectively, maintaining the same proportion currently in force of 2 (two) GDSs to 1 (one) common share currently applicable.
PetroRio, one of the most important emerging companies in the Brazilian oil and gas industry, is focusing in the development of a solid growth platform aiming at generating value for its shareholders.
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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.