Vancouver, British Columbia--(Newsfile Corp. - September 3, 2024) - East West Petroleum Corp. (TSXV: EW) ("East West" or the "Company") is pleased to announce that, further to its news releases of August 16, 2024 and August 29, 2024, the special distribution to holders of common shares of the Company ("Shareholders") by way of a return of capital, in the amount of $0.03 per common share of the Company, for an aggregate distribution amount of $ 2,714,569.95 (the "Distribution"), will be paid by the Company's paying agent, Computershare Investor Services Inc. (the "Paying Agent"), on September 12, 2024.
Each registered Shareholder of record on September 5, 2024 (the "Record Date") will receive a cheque from the Paying Agent representing their pro rata share of the Distribution. Beneficial Shareholders can expect to receive payment from their intermediaries, each of whom has its own payment process.
Given that the Distribution represents more than 25% of the market value of the Company, the TSX Venture Exchange has determined that "Due Bill" trading procedures will apply to the Distribution. Pursuant to such "Due Bill" trading procedures, trades of common shares of the Company entered into from the opening of trading on September 5, 2024 until and including the close of trading on September 12, 2024 will have a Due Bill attached which will allow the purchaser to receive the distribution instead of the seller. The Due Bills will be redeemed on September 13, 2024 once all trades with attached Due Bills entered into up to the close of trading on September 12, 2024 have settled.
Additional details with respect to the Distribution is set out in the management information circular of the Company dated July 10, 2024 (the "Circular"), a copy of which is available free of charge under the Company's profile at the Canadian Securities Administrators' website at www.sedarplus.ca.
On Behalf of the Board
"Nick DeMare"
Neither the 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.
Forward-looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking statements") that relate to the Company's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release. In particular and without limitation, this news release contains forward-looking statements relating to the Distribution, including the anticipated payout of the Distribution.
Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. In respect of the forward-looking statements and information concerning the anticipated payout of the Distribution, the Company has made certain assumptions that management believes are reasonable at this time. These dates may change for a number of reasons and readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Company to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
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