VANCOUVER, Nov. 21, 2019 /CNW/ - CruzSur Energy Corp. (the
"Company" or "CruzSur" ) (TSXV: CZR) announces
that it has received approval from the TSX Venture
Exchange to issue 670,608 common shares of the Company (the
"Shares") at a deemed price of $0.25
per Share in satisfaction of the aggregate accrued interest of
$167,651.90 owing on Convertible
Debentures of the Company.
The Shares will be subject to a four-month hold period expiring
on March 20, 2020.
Pursuant to the common share issuance described above,
Frank Giustra received an aggregate
of 218,544 common shares. Prior to the issuance Mr. Giustra owned,
directly or indirectly, and/or controlled an aggregate of 2,481,241
common shares, representing 8.41% of the outstanding shares, and
would have owned 17,671,783 common shares assuming the exercise of
convertible securities, representing 39.67% of the outstanding
shares on a partially diluted basis. Mr. Giustra directly and
indirectly now owns and/or controls in aggregate 2,699,785 common
shares representing 8.95% of the issued and outstanding common
shares of the Company and would own 17,990,327 common shares,
representing 39.57% of the issued and outstanding common shares of
the Issuer on a partially diluted basis assuming the exercise of
pre-existing warrants and options, conversion of the debenture and
exercise of the warrants acquired on conversion of the
debenture.
Mr. Giustra may in the future acquire or dispose of securities
of the Issuer, through the market, privately or otherwise, as
circumstances or market conditions warrant. A copy of the Early
Warning Report filed by Mr. Giustra may be obtained from the
Issuer's SEDAR profile.
Pursuant to the common share issuance described above,
Serafino Iacono received an
aggregate of 127,501 common shares. Prior to the issuance Mr.
Iacono owned 1,794,950 common shares representing 6.08% of the
outstanding shares, and would have owned 10,366,200 common shares
assuming the exercise of convertible securities, representing
27.22% of the outstanding shares on a partially diluted
basis. Mr. Iacono directly and indirectly now owns and/or
controls in aggregate 1,922,451 common shares representing 6.37% of
the issued and outstanding common shares of the Company and would
own 10,493,701 common shares, representing 27.08% of the issued and
outstanding common shares of the Issuer on a partially diluted
basis assuming the exercise of pre-existing warrants, conversion of
the debenture and exercise of the warrants acquired on conversion
of the debenture.
Mr. Iacono may in the future acquire or dispose of securities of
the Issuer, through the market, privately or otherwise, as
circumstances or market conditions warrant. A copy of the Early
Warning Report filed by Mr. Iacono may be obtained from the
Issuer's SEDAR profile.
About CruzSur Energy Corp.
CruzSur is investing in proven leadership and technology to
develop oil and natural gas fields it has acquired in areas
surrounding some of the key energy producing areas in Colombia and Argentina. With decades of proven experience
in Latin America and global energy
development, CruzSur's leadership is working with local partners
and service providers to deliver the energy for Latin America's future.
Forward-Looking Information
Except for the statements of historical fact, this news
release contains "forward-looking information" within the meaning
of the applicable Canadian securities legislation that is based on
expectations, estimates and projections as at the date of this news
release. The information in this news release about the completion
of the operations described herein, and other forward-looking
information includes but is not limited to information concerning
the intentions, plans and future actions of the parties to the
transactions described herein and the terms of such
transaction.
Factors that could cause actual results to differ materially
from those described in such forward-looking information include,
but are not limited to, risks related to the Company's inability to
perform the proposed operations.
The forward-looking information in this news release reflects
the current expectations, assumptions and/or beliefs of the Company
based on information currently available to the Company. In
connection with the forward-looking information contained in this
news release, the Company has made assumptions about the Company's
ability to complete the planned operations and activities. The
Company has also assumed that no significant events will occur
outside of the Company's normal course of business. Although the
Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information
due to the inherent uncertainty therein.
Any forward-looking information speaks only as of the date on
which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to
update any forward-looking information, whether as a result of new
information, future events or results or otherwise.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE CruzSur Energy Corp.