CALGARY, ALBERTA--(Marketwired - July 2, 2014) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
Contact Exploration Inc. ("Contact" or the "Company") (TSX VENTURE:CEX) announces that the holder of the $1 million stated value, convertible, redeemable, 8% preferred shares ("Preferred Shares") of the Company has elected to convert all such Preferred Shares, pursuant to the terms thereof, into common shares of the Company ("Common Shares"). Pursuant to the terms of the Preferred Shares, 5,000,000 Common Shares have been issued on the conversion, representing a conversion price of $0.20 per Common Share. Following the conversion of the Preferred Shares, Contact has no Preferred Shares outstanding.
About Contact Exploration Inc.
Contact Exploration Inc. is a public oil and gas company which has a long-term history of operating in Atlantic Canada and has recently demonstrated success in Alberta's liquids-rich Montney Formation tight gas play. For more information, please see the Company's website: www.contactexp.com.
The securities have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.