VANCOUVER, BC, May 2, 2022
/CNW/ - Pinedale Energy Limited. ("Pinedale" or the
"Company") (TSXV: MCF) announces a reorganization of
its Board of Directors with the appointment of David Whelan, Howe Lobar and Kristen Reinertson, effective April 27, 2022. The Company accepted the
resignations of Mr. Scott Young as
Director and Mr. Claus Andrup as
Interim CEO, CFO and Director. The Company would like to thank them
for their services. The Company has appointed Ms. Reinertson as CEO
and Tally Barmash as CFO and Corporate Secretary of the Company.
Mr. Whelan and Mr. Lobar are independent directors. The audit
committee of the Company consists of Mr. Whelan, Mr. Lobar and Ms.
Reinertson.
The Company has entered into a financial advisory mandate
agreement with Fiore Management & Advisory Corp. to provide
financial advice and corporate administration services.
The Company further announces that its listing has been
transferred to the NEX board of the TSX Venture Exchange for not
meeting Tier 2 Continued Listing Requirements, and that its trading
symbol will been changed to MCF.H. Trading will resume on the NEX
on Wednesday, May 4, 2022.
Option Grant
In connection with the foregoing appointments, an aggregate of
3,000,000 incentive stock options (the "Options") have been
granted to certain directors, officers and consultants of the
Company. The Options are exercisable at a price of $0.05 expiring on April
27, 2032, subject to TSX Venture Exchange approval.
Annual General Meeting
The Company will hold its annual general meeting ("AGM")
of shareholders on June 27, 2022,
commencing at 10:00AM Vancouver time. A notice of meeting and record
date has been filed under the Company's profile on SEDAR
(www.sedar.com).
Early Warning
Disclosures
The Company announces that Mr. Frank
Giustra, through Fiore Financial Corporation, Domenica Fiore
Corporation and Fiore Aviation Corporation acquired 12,025,000
common shares pursuant to a private transaction. The acquisitions
represent 10.69% of the issued and outstanding common shares of the
Company. As a result of the acquisition of securities
described above, Frank Giustra
directly and indirectly owns and controls, in aggregate 12,025,000
common shares of the Company, representing 10.69% of the current
issued and outstanding common shares of the Company.
Mr. Thomas Humphreys acquired
13,000,000 common shares pursuant to a private transaction. The
acquisitions represent 11.56% of the issued and outstanding common
shares of the Company. As a result of the acquisition of securities
described above, Thomas Humphreys
directly owns and controls, in aggregate 13,000,000 common shares
of the Company, representing 11.56% of the current issued and
outstanding common shares of the Company.
Mr. Carson Seabolt acquired
15,625,000 common shares pursuant to a private transaction. The
acquisitions represent 13.89% of the issued and outstanding common
shares of the Company. As a result of the acquisition of securities
described above, Carson Seabolt
directly owns and controls, in aggregate 15,625,000 common shares
of the Company, representing 13.89% of the current issued and
outstanding common shares of the Company.
Mr. Mario Vetro acquired
15,625,000 common shares pursuant to a private transaction. The
acquisitions represent 13.89% of the issued and outstanding common
shares of the Company. As a result of the acquisition of securities
described above, Mario Vetro
directly owns and controls, in aggregate 15,625,000 common shares
of the Company, representing 13.89% of the current issued and
outstanding common shares of the Company.
Frank Giustra and his related
entities, Thomas Humphreys,
Carson Seabolt and Mario Vetro acquired these securities for
investment purposes effective April 27,
2022 and as disclosed in the Early Warning Reports
accompanying this news release, may in the future acquire or
dispose of securities of the Company, through the market, privately
or otherwise, as circumstances or market conditions warrant.
Copies of the early warning reports filed by Frank Giustra, Thomas
Humphreys, Carson Seabolt and
Mario Vetro are available under the
Company's profile on SEDAR (www.sedar.com), or by contacting the
Company.
Termation of RTO
The Company advises that in connection with its now-terminated
transaction with Flavocure Biotech Inc. ("Flavocure"),
Flavocure advanced US$100,000 to the
Company to cover the audit and legal fees of the Company. The
Company is currently negotiating with Flavocure for settlement of
funds owing.
Cautionary
Statements
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 Pinedale Energy Limited Profile