Here's the share rollback I said was coming... Insiders always look out for themselves.
PetroShale has shareholder OK for 1:15 share rollback
2021-06-29 17:20 ET - News Release
Mr. Jacob Roorda reports
PETROSHALE ANNOUNCES RESULTS OF ANNUAL AND SPECIAL MEETING
PetroShale Inc. has released the results of its annual and special meeting of its shareholders held on June 25, 2021, as follows:
- Each of management's nominees for director, being M. Bruce Chernoff, Brett Herman, Jacob Roorda, David Rain and Gary Reaves, was re-elected.
- KPMG LLP was reappointed as auditor of the company.
- Shareholders reapproved the company's stock option plan.
- Shareholders approved a consolidation to the outstanding common shares of the company on the basis of a consolidation ratio to be selected by the board of directors of the company (not to exceed one new postconsolidation share for 15 currently outstanding shares).
- Shareholders approved an amendment to the company's bonus award incentive plan to increase the number of common shares that is available to be issued from time to time pursuant to outstanding awards granted thereunder from 19.1 million common shares to 25 million common shares (subject to adjustment, if required, as a result of the consolidation).
As a further update, Ken McCagherty has decided to step down from his position on the board, and, accordingly, did not stand for re-election at the meeting.
"On behalf of the company, I would like to thank Ken for his significant contributions and service to the company over the last eight years," said M. Bruce Chernoff, executive chairman. "Ken has brought invaluable expertise and vision to the company, and we wish him well."
Second quarter 2021 results release timing
PetroShale anticipates issuing and filing on SEDAR its second quarter 2021 financial statements and management's discussion and analysis for the three-month period ended June 30, 2021, on or around Aug. 20, 2021.
About PetroShale Inc.
PetroShale is an oil company engaged in the acquisition, development and production of high-quality oil-weighted assets in the North Dakota Bakken/Three Forks.
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