MELBOURNE, AUSTRALIA--(Marketwired - Dec. 20, 2013) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Solimar Energy Limited ("Solimar" or "the Company") (TSX VENTURE:SXS)(ASX:SGY) is pleased to announce that the share consolidation has been effected on both the TSXV and ASX. The share consolidation was approved by shareholders at the Annual General Meeting on 29 November 2013 and has converted every 25 existing Shares into one (1) new Share.
The Company now has a total of 20,573,699 shares on issue. The Company's unquoted options ("options") and unquoted warrants ("warrants") have also been adjusted in proportion to the share consolidation with the result being a decrease in the number of shares the options and warrants can be converted to and a corresponding increase in their respective exercise prices. Similar adjustments have been made with respect to the Company's unquoted debentures.
The Company also provides notice to the holders of its outstanding debentures ("June Debentureholders"), that were issued pursuant to the trust indenture dated June 26, 2012, as amended August 14, 2013 (the "June Indenture"), that the Company elects to satisfy its obligation to pay interest to June Debentureholders on December 31, 2013 by issuing up to an aggregate of 1,423,490 Shares (subject to adjustment in accordance with the terms of the June Indenture) being that number of Shares equal to the number obtained by dividing the amount of interest due and payable by 90% of the 10 trading day volume weighted average price ending December 19, 2013, and which is currently C$0.1124
Solimar would like to remind again that it will be issued by the ASX a new ticker code "SXS" and will begin trading on the ASX under such code on Tuesday 24 December 2013.
Neither 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.
Reader Advisory: Forward-looking statements
This news release contains forward-looking information relating to the Company's consolidation of shares, new ticker code, share interest payment and other statements that are not historical facts. Such forward-looking information is subject to important risks, uncertainties and assumptions. The results or events predicated in this forward-looking information may differ materially from actual results or events. As a result, you are cautioned not to place undue reliance on this forward-looking information.
Forward-looking information is based on certain factors and assumptions. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward looking-information is subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what is currently expected. These factors include risks associated with the instability of the economic environments in which the Company operates or owns interests, oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, incorrect assessment of the value of acquisitions, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, reliance on key personnel, regulatory risks and delays, including risks relating to the acquisition of necessary licenses and permits, environmental risks and insurance risks.
You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, the Company is under no obligation and does not undertake to update this information at any particular time, except as required by law.
ABN 42 112 256 649