|
CALGARY, Canada (Nov. 22, 2021) – Pennine Petroleum Corporation ("Pennine" or the “Corporation") is pleased to announce that, further to the news release of Nov. 3, 2021, the proposed shares for debt transaction has been accepted by the TSX-V and has now completed. Shares for Debt Pennine will now settle $934,929.31 of debt relating to expenses accrued, loans provided and management fees payable by the Corporation through the issue of 31,164,310 new shares at a deemed price of $0.03 per share. This will bring the total number of Pennine shares issued and outstanding to 200,614,672. As stated previously, all of these new shares will be subject to a four-month-plus-one-day hold period from the date of issuance. Corporate Update Pennine is encouraged by the recent trading activity in its shares, not least of all because the increased liquidity makes the Corporation an increasingly valuable partner in any one of several investment opportunities in the mining sector that are currently under investigation. Accordingly, the Corporation is advancing its discussions with interested parties and expects to be able to announce a transaction shortly. Any potential transaction will be subject to a TSX review, and during that review period, Pennine shares will be subject to a trading halt. More details on any trading halt will be announced at the same time any transaction is made public. -30- About Pennine Petroleum Corporation: Pennine Petroleum Corporation is a junior resource development company (www.penninepetroleum.ca) currently active in province of Alberta. In an effort to remain in the natural resources industry, Pennine announced in February 2021 that new CEO Jon Harris is investigating opportunities in the mining sector. While not conclusive, these efforts are based on the reality of the natural resources landscape, with more business opportunities currently existing in mining than in the junior oil and gas sectors. For further information, contact: Pennine Petroleum Corporation Jon Harris T: +1 (403) 277 4421 E: jon.harris@penninecorp.com |