Prospera Energy Inc. Announces DTC Eligibility for US Investors, Enhancing Liquidity
14 Juni 2023 - 8:00AM
Prospera Energy Inc. (
PEI: TSX-V; OTC: GXRFF, FRA: OF6A,
OF6B.SG, OF6B.F, OF6B.BE)
Restructured Prospera continues to create value
by enhancing liquidity, capitalization with minimal dilution and by
settling legacy arrears.
Prospera Energy is delighted to inform its
shareholders and the investment community that its common shares
("Common Shares") are now eligible for book-entry and depositary
services through the Depository Trust Company ("DTC") in the United
States. As the largest securities depository globally, DTC
facilitates electronic clearing and settlement for securities of
publicly traded companies in the United States. The DTC eligibility
of Prospera's Common Shares will simplify the process of trading
and transferring shares, ultimately enhancing liquidity in the
United States. Furthermore, it will accelerate the settlement
period for transfers and reduce costs for investors. DTC
eligibility enhances liquidity for all Prospera stakeholders.
Prospera Energy announces that it has closed a
non-brokered private placement of $3,015,000, by the issue of 3,015
units (the “Units”) at $1,000 per Unit. Each Unit consists of 1,000
Common Shares and one 8% 2-year non-convertible promissory note in
the principal amount of $1,000. Holders will be paid interest of 8%
per annum, with interest payments to be made quarterly for a term
of 2 years. Prospera intends to use the net proceeds of the
offering for infrastructure upgrades to accommodate further
production growth, well development capital, well abandonment
costs, ongoing ESG initiatives and general working capital.
Securities issued pursuant to the private placement are subject to
trading restrictions until October 13, 2023.
In a separate announcement, Prospera Energy has
entered into an agreement with an arm's length creditor for the
payment of indebtedness totaling $47,304 (the "Shares for Debt
Transaction"). Under this agreement, the Corporation will convert
the debt into common share units of the Corporation (the "Common
Share Units"). The Shares for Debt Transaction involves the
issuance of 525,600 Common Share Units at a deemed price of $0.09
per Common Share Unit, subject to certain conditions, including the
approval of the TSX Venture Exchange ("TSXV"). Each Common Share
Unit consists of one common share and 0.875 common share purchase
warrant. Holders of whole purchase warrants are entitled to
purchase one common share at $0.09 per share until February 14,
2025. The Corporation reserves the right to accelerate the expiry
of the warrants should the shares trade at $0.30 for ten
consecutive business days following the expiry of the four-month
hold period. It is important to note that the common shares issued
as part of the Shares for Debt Transaction will be subject to a
four-month hold period.
"This is an important milestone," said
Prospera’s CEO Samuel David. "DTC eligibility will expand the
accessibility and liquidity of our shares for U.S. investors.
Combined with our continued profitability and consistent growth,
this step is part of Prospera Energy's ongoing commitment to create
value for our shareholders."
About Prospera
Prospera is a public oil and gas exploration,
exploitation and development company focusing on conventional oil
and gas reservoirs in Western Canada. Prospera will utilize
experience and knowledge to develop, acquire, and drill assets with
potential for primary and secondary recovery.
For Further Information:
Shawn Mehler, PR Email:
shawn@prosperaenergy.comWebsite: www.prosperaenergy.com
FORWARD-LOOKING STATEMENTS This
news release contains forward-looking statements relating to the
future operations of the Corporation and other statements that are
not historical facts. Forward-looking statements are often
identified by terms such as “will,” “may,” “should,” “anticipate,”
“expects” and similar expressions. All statements other than
statements of historical fact, included in this release, including,
without limitation, statements regarding future plans and
objectives of the Corporation, are forward looking statements that
involve risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in
such statements.
Although Prospera believes that the expectations
and assumptions on which the forward-looking statements are based
are reasonable, undue reliance should not be placed on the
forward-looking statements because Prospera can give no assurance
that they will prove to be correct. Since forward-looking
statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated
due to a number of factors and risks. These include, but are not
limited to, risks associated with the oil and gas industry in
general (e.g., operational risks in development, exploration and
production; delays or changes in plans with respect to exploration
or development projects or capital expenditures; the uncertainty of
reserve estimates; the uncertainty of estimates and projections
relating to production, costs and expenses, and health, safety and
environmental risks), commodity price and exchange rate
fluctuations and uncertainties resulting from potential delays or
changes in plans with respect to exploration or development
projects or capital expenditures.
The reader is cautioned that assumptions used in
the preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of Prospera. As a result, Prospera
cannot guarantee that any forward-looking statement will
materialize, and the reader is cautioned not to place undue
reliance on any forward- looking information. Such information,
although considered reasonable by management at the time of
preparation, may prove to be incorrect and actual results may
differ materially from those anticipated. Forward-looking
statements contained in this news release are expressly qualified
by this cautionary statement. Th forward-looking statements
contained in this news release are made as of the date of this news
release, and Prospera does not undertake any obligation to update
publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events
or otherwise, except as expressly required by Canadian securities
law.
Neither the TSXV nor its Regulation
Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this
release.
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