HONG KONG, CHINA--(Marketwired - June 4, 2015) -
NOT FOR DISTRIBUTION TO THE U.S. NEWS WIRES SERVICES, OR DISSEMINATION IN THE UNITED STATES.
Primeline Energy Holdings Inc. ("Primeline" or the "Company") (TSX VENTURE:PEH) today announces, further to its press release of May 11, 2015, that it has received TSX Venture Exchange approval for the conversion of US$10.1667m of shareholder loans extended by Mr. Victor Hwang, its Chairman, President and majority shareholder, into equity. The Company will now issue 21,218,535 new Ordinary Shares to Mr. Hwang at a conversion price of C$0.58 per share.
Upon completion of the issue, Mr. Hwang will directly and indirectly own 80,543,619 Ordinary Shares, representing approximately 60% of the then issued and outstanding 134,009,553 shares.
As a consequence of the loan conversion, 3,085,000 outstanding stock options exercisable at C$0.60 per share issued to directors, officers, employees and consultants in September 2012, vesting of which was conditional on repayment of the shareholder loans, have been amended such that they have now vested.
About Primeline Energy Holdings Inc.
Primeline is an exploration and production company focusing exclusively on China resources to become a major supplier of gas and oil to the East China market. Primeline has a 75% Contractor's interest in and is the operator of the petroleum contract with CNOOC for Block 33/07 (5,877sq km) in the East China Sea, and a 36.75% interest in the producing LS36-1 Gas Field in Block 25/34, together with CNOOC Limited (51% interest and acting as Operator for the field development and production) and Primeline Petroleum Corporation (12.25% interest). The LS36-1 gas field has been in production since July 2014. Shares of Primeline are listed for trading on the TSX Venture Exchange (the "TSX-V") under the symbol PEH.
ON BEHALF OF PRIMELINE ENERGY HOLDINGS INC.
Ming Wang, Chief Executive Officer
Please visit the Company's website at www.pehi.com. Should you wish to receive Company news via email, please email robin@chfir.com and specify "Primeline Energy" in the subject line.
Forward-Looking Statements
Some of the statements in this news release contain forward-looking information, which involves inherent risk and uncertainty affecting the business of Primeline. Although these statements are based on assumptions management believes to be reasonable, actual results may vary from those anticipated in such statements. Exploration for oil and gas is subject to the inherent risk that it will not result in a commercial discovery.
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.