CALGARY, Sept. 5, 2014 /CNW/ - Oando Energy Resources Inc. ("OER" or the "Company") (TSX:OER), a company focused on oil and gas exploration and
production in Nigeria, today announced that a wholly-owned subsidiary
of Oando PLC, has filed a Form 45-102F1 on SEDAR as Project No. 2257775
to provide the required notice of its intention to sell up to
60,000,000 common shares of OER ("OER Shares") through the facilities of the Toronto Stock Exchange. The Company has
been informed by Oando PLC that the proposed sales are intended to
encourage market liquidity.
OER has been informed by Oando PLC that, including the securities held
by the above-mentioned subsidiary, it currently has direct and indirect
ownership of 746,107,838 OER Shares, representing approximately 93.8%
of the currently outstanding OER Shares. Assuming exercise of the
216,282,884 common share purchase warrants issued to Oando PLC on
February 26, 2014 (the "February Warrants"), the 75,037,928 common share purchase warrants issued to Oando PLC's
subsidiary on July 9, 2014 (the "July Warrants") and the 34,072,057 common share purchase warrants issued to Oando PLC
on August 20, 2014 (the "August Warrants"), Oando PLC would beneficially own and exercise control over
1,071,500,707 OER Shares, representing approximately 95.6% of the
issued and outstanding OER Shares following such exercise; however,
under the terms of the February Warrants, July Warrants and August
Warrants, Oando PLC is restricted from exercising any February
Warrants, July Warrants and August Warrants to the extent that such
conversion would result in its direct and indirect ownership of OER
exceeding 94.6%.
Forward Looking Statements:
This news release contains forward-looking statements and
forward-looking information within the meaning of applicable securities
laws. The use of any of the words "expect", "anticipate", "continue",
"estimate", "objective", "ongoing", "may", "will", "project", "should",
"believe", "plans", "intends" and similar expressions are intended to
identify forward-looking information or statements. In particular, this
news release contains forward-looking statements relating to intended
acquisitions.
Although the Company believes that the expectations and assumptions on
which such forward-looking statements and information are reasonable,
undue reliance should not be placed on the forward-looking statements
and information because the Company can give no assurance that such
statements and information will prove to be correct. Since
forward-looking statements and information address future events and
conditions, by their very nature they involve inherent risks and
uncertainties.
Actual results could differ materially from those currently anticipated
due to a number of factors and risks. These include, but are not
limited to: risks related to international operations, the ability to
integrate businesses and assets acquired in connection with mergers and
acquisitions, the impact on OER shareholders of the sale of shares
described herein, the actual results of current exploration and
drilling activities, changes in project parameters as plans continue to
be refined and the future price of crude oil. Accordingly, readers
should not place undue reliance on the forward-looking statements.
Readers are cautioned that the foregoing list of factors is not
exhaustive.
Additional information on these and other factors that could affect the
Company's financial results are included in reports on file with
applicable securities regulatory authorities and may be accessed under
the Company's profile on SEDAR website (www.sedar.com). The forward-looking statements and information contained in this news
release are made as of the date hereof and the Company undertakes no
obligation to update publicly or revise any forward-looking statements
or information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities laws.
SOURCE Oando Energy Resources Inc.
