Canada Southern Petroleum Ltd. Files and Commences Mailing of Definitive Proxy Materials Related to Corporate Governance Initiat
22 Oktober 2004 - 2:02AM
PR Newswire (US)
Canada Southern Petroleum Ltd. Files and Commences Mailing of
Definitive Proxy Materials Related to Corporate Governance
Initiatives CALGARY, Alberta, Oct. 21 /PRNewswire-FirstCall/ --
Canada Southern Petroleum Ltd. (the "Company") (Nasdaq/Pacific:
CSPLF; Toronto: CSW.LV; Boston: CSW) today reported that the
Company has today filed with U.S. and Canadian securities
regulators the Company's definitive proxy materials relating to a
special meeting of the Company's shareholders that will be held on
November 30, 2004 in Calgary, Alberta. If needed, a special
confirmatory meeting of shareholders will also be held on December
15, 2004 in Calgary, Alberta. The two meetings will be held at the
Plaza Room at The Metropolitan Centre, 333 -- 4th Avenue S.W.,
Calgary, Alberta at 11:00 A.M. on these dates. As previously
announced, the record date for both of the Meetings is Monday,
October 18, 2004. The purpose of the Meetings is to allow
shareholders to consider and, if thought appropriate, enact changes
to the corporate governance structure for the Company. The
governance changes will be implemented by the continuance of the
Company from being a corporation governed by the corporate
legislation of Nova Scotia to be a corporation governed by the
corporate legislation of Alberta. At the special meeting,
shareholders will be asked to vote on special and ordinary
resolutions with respect to the following four items: (1) the
continuance of the Company from Nova Scotia to Alberta and the
adoption of the articles of continuance and new corporate bylaws
under the Business Corporations Act (Alberta); (2) the elimination
of the five year term for directors, so that commencing at the 2005
Annual General Meeting each director will be elected annually for a
one year term; (3) the elimination of the 1,000 share voting
limitation, so that each shareholder will be entitled to vote all
shares held by him or her; and (4) the elimination of the
requirement for director approval of shareholder action. The
Company will commence mailing its definitive proxy materials to
shareholders on or about October 25, 2004. This announcement is not
a proxy statement, nor is it a solicitation of any proxies from the
Company's shareholders. The Company's definitive proxy materials
relating to the Meetings have been filed today with the SEC via its
Electronic Data Gathering, Analysis, and Retrieval System (EDGAR)
system and with the Canadian Securities Administrators' System for
Electronic Document Analysis and Retrieval (SEDAR). The definitive
proxy materials may be obtained free of charge at the SEC's website
address of http://www.sec.gov/ or at http://www.sedar.com/. A link
to the Company's SEC and SEDAR filings can also be found on the
Company website address of http://www.cansopet.com/ . Canada
Southern Petroleum Ltd. is an independent energy company based in
Calgary, Alberta, Canada. The Company is engaged in oil and gas
exploration and development, with its primary interests in
producing properties in the Yukon Territory and British Columbia,
Canada. The Company's limited voting shares are traded on the
NASDAQ SmallCap Market and the Pacific Exchange, Inc. under the
symbol "CSPLF," on the Boston Stock Exchange under the symbol
"CSW," and on the Toronto Stock Exchange under the symbol "CSW.LV."
The Company has 14,417,770 shares outstanding. Any statements in
this release that are not historical in nature are intended to be,
and are hereby identified as "forward-looking statements" for
purposes of the "Safe Harbor Statement" under the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are subject to certain risks and uncertainties that
could cause actual results to differ materially from those
indicated in the forward-looking statements. Among these risks and
uncertainties are uncertainties as to the costs, pricing and
production levels from the properties in which the Company has
interests, the extent of the recoverable reserves at those
properties, and the significant costs associated with the
exploration and development of the properties in which the Company
has interests, particularly the Kotaneelee field. The Company
undertakes no obligation to update or revise forward looking
statements, whether as a result of new information, future events,
or otherwise. DATASOURCE: Canada Southern Petroleum Ltd. CONTACT:
John W.A. McDonald, President and Chief Executive Officer of Canada
Southern Petroleum Ltd., +1-403-269-7741 Web site:
http://www.cansopet.com/
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